more of my time line about America28 Oct 2014 12:20
Continuation of my time line. I think I have everything in the news here over the 2 posts.
22nd July 2014 Conditional Placing of 167,875,000 new Ordinary Shares to raise £2.7 million, extracts
Proceeds to be used for investment in additional capacity in the UK and a new facility in the US
and
In order to meet future projected demand, the Directors believe the Company will require additional capacity both in the UK and the US, giving a dual site capability, particularly for serving aerospace markets. The aim is to provide security of supply and to satisfy the logistical needs of current and future customers, particularly in North America. The Directors also believe that a strengthened balance sheet will allow for greater customer confidence when considering long-term business with the Company.
and
Use of Proceeds
The Group intends to use the net proceeds of the Placing to invest in capacity to meet future projected demand, including an additional coating reactor in the UK which the Board expects will increase available capacity there by approaching 50 per cent., and the creation of a processing facility in North America.
It is intended by the Group that installation of capacity at the North American facility will be phased to match demand as it develops. The current plan envisages three coating reactors which, once in place, the Directors believe would provide a physical capacity equivalent to the expanded capacity at the UK site. The Company is in discussions with local government representatives on possible grant aid to support the creation of the North American facility.
In addition, the net proceeds of the Placing will be used to cover the projected start-up losses of the North American facility as well as the initiation, in the medium term, of a research and development function in the UK and to grow the Company's global business development team.
regards
RRJ
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