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Completion of approximately £2.075 million placing

8 Dec 2014 07:00

RNS Number : 0439Z
APC Technology Group PLC
08 December 2014
 

APC Technology Group PLC("APC" or the "Group")

8 December 2014

Completion of approximately £2.075 million placing

APC Technology Group plc (AIM: APC), the provider of technologies and services intended to help improve organisational sustainability and specialist distributor of electronic components, is pleased to announce that it has today raised, in aggregate, approximately £2,075,000 before expenses via a conditional placement via Northland Capital Partners, the Group's broker, of 10,375,000 new ordinary shares of 2 pence each in the capital of the Group (the "Placing Shares") (the "Placing") at a price of 20 pence per new ordinary share. The Placing Shares have been placed with certain existing and new institutional investors and will represent 12.39 per cent. of the Group's enlarged share capital.

 

APC intends to use the net proceeds raised from the Placing to fund increasing working capital requirements associated with expansion of the business, particularly related to energy efficiency projects in the UK and in North America.

 

The closing mid-market price of the Group's existing ordinary shares on 5 December 2014 (being the latest practicable business day prior to the date of this announcement) was 24.25 pence per share.

 

The Placing is conditional on the admission of the Placing Shares to trading on AIM ("Admission") and application has been made to the London Stock Exchange plc for Admission to become effective and dealings in the Placing Shares to commence at 8.00 a.m. on or around 11 December 2014.

 

Following completion of the Placing, the total issued ordinary share capital of the Group will comprise 83,769,493 ordinary shares of 2 pence each. The Placing Shares will be fully paid and will rank pari passu in all respects with the Group's existing ordinary shares.

 

 

Enquiries:

 

APC Technology Group plc

01634 290588

Mark Robinson, Chief Executive Officer

Richard Hodgson, Chief Financial Officer

 

www.apc-plc.co.uk

 

Strand Hanson Limited (Nominated Adviser)

020 7409 3494

James Harris / Angela Hallett / Ritchie Balmer

Northland Capital Partners Limited (Broker)

020 7796 8800

John Howes / Alice Lane

Redleaf Polhill (Financial PR)

020 7382 4730

Rebecca Sanders-Hewett / David Ison

apc@redleafpr.com

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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