29 May 2008 07:00
Advanced Power Components plc ("APC" or the "Company")
Placing of Shares
The Company announces today that it has raised £360,000, before expenses, through a placing of 2,000,000 new ordinary shares at 18p each. The net proceeds from this placing will be used to assist with future acquisitions. These shares have been placed with institutional investors by the Company's broker, Seymour Pierce Limited.
Application for the admission to AIM of the new ordinary shares has been made and dealings are expected to commence on 30 May 2008. The new ordinary shares rank pari passu with the existing ordinary shares and are identical in all respects.
Following admission, the Company will have 22,299,257 ordinary shares of 2p each in issue. Shareholders should use this figure as the denominator by which to determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.
Chief Executive Mark Robinson commented:
"Considering the general nervousness surrounding the global economy the Board considers this fund raising to be a prudent step that allows the Company to continue to pursue its acquisitive growth strategy without significantly increasing its debt/equity gearing."
Enquiries:
Mark Robinson/Rod Muir APC 01634 290588
David Newton/Matt Thomas Seymour Pierce Ltd 020 7107 8000