Pressure Technologies PLC - specialist engineering - Raises GBP7.5 million from equity raise announced late Monday. Issues 12.5 million new shares at 60 pence each. The equity raise consisted of 11.7 million shares in a placing via an accelerated bookbuild run by N+1 Singer, plus a PrimaryBid offer of up to 833,333 shares. The PrimaryBid offer attracted subscriptions for 805,331 shares. Says GBP2.5 million of the cash raised will be invested in the company's manufacturing capability to accelerate growth in the hydrogen energy market, with the remainder invested in its Integrity Management business and to strengthen its balance sheet. The raise must be approved at a general meeting called for December 17.
"The investment provides us with the resources to capitalise on exciting opportunities in the hydrogen energy market and to accelerate growth in our Integrity Management services business," says Chief Executive Chris Walters. "The now stronger balance sheet will provide resilience through tough oil and gas trading conditions, strength in the development of partnerships and the negotiation of major contracts and flexibility to take advantage of emerging opportunities."
Directors, including Chair Roy Gardner and CEO Walters, buy 315,001 of the shares on offer. Gardner now has 326,666 shares, a 1.1% stake, and Walters 84,666.
Current stock price: 63.45p, for GBP11.8 million market capitalisation; Friday's close 62.50p
Year-to-date change: down 47%
By Tom Waite; thomaslwaite@alliancenews.com
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Pressure Tech (PRES)