Last checked at 22 Aug 2016 07:00
22 August 2016
Autins Group plc
("Autins" or the "Group")
Admission and First Day of Dealings
Autins Group plc (AIM: AUTG), a leading UK designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, is pleased to announce the admission today of its ordinary shares to trading on the AIM Market of the London Stock Exchange ("Admission") and the commencement of dealings in its ordinary shares under the ticker "AUTG" and with ISIN number GB00BD37ZH08.
Cantor Fitzgerald Europe is acting as Nominated Adviser and Broker to the Group in relation to Admission.
SUMMARY
· Oversubscribed placing by Cantor Fitzgerald Europe of 15,833,334 new and existing ordinary shares of 2 pence each at 168 pence per share (the "Placing Price") with institutional and other investors (the "Placing")
· The Placing will raise gross proceeds of £26.6 million of which £14.0 million will be used for investment in new product lines and equipment, the repayment of existing debt and working capital in support of anticipated future growth. The remaining £12.6 million is for the benefit of selling shareholders
· The number of ordinary shares in issue immediately after Admission will be 22,100,984, giving the Group a market capitalisation of approximately £37.1 million at the Placing Price
The Group's Admission Document can be found at: www.autins.co.uk
Commenting on the announcement, Jim Griffin, Chief Executive Officer, said:
"Autins has established itself as a leading supplier of noise and heat management products in the automotive market and we believe the IPO is the right strategy to support the continued development of the business as it continues to grow into new and existing markets.
"The Board has been delighted by the support of its new investors and we look forward to reporting on the progress of the business and delivering value for our shareholders in the months and years ahead."
For further information please contact:
Autins Group plc Jim Griffin, CEO James Larner, CFO
| Via Newgate |
Cantor Fitzgerald Europe (Nominated Adviser and Broker) Philip Davies Will Goode Callum Butterfield
| Tel: 020 7894 7000 |
Newgate Communications (Financial PR) Adam Lloyd Madeleine Palmstierna Helena Bogle
| Tel: 020 7653 9850
|
About Autins
Autins specialises in the design, manufacture and supply of acoustic and thermal insulation solutions primarily in the automotive sector but with an increasing focus on other sectors, including white goods, power generation, marine, apparel, rail, commercial vehicles and industrial sectors.
The Group is one of the leading UK suppliers of noise and heat management products in the automotive market, producing and supplying over two million parts per month to customers including some of the world's leading vehicle manufacturers.
Following Admission
The Directors believe that the net proceeds from the placing will provide the Group with equity finance to support its growth strategy, as described in the Admission Document, and that Admission will increase the Group's corporate profile and provide the ability to incentivise key employees.