Pressure Tech Regulatory News (PRES)

6 Jun 2007 08:00

Pressure Technologies PLC06 June 2007 NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR THEREPUBLIC OF SOUTH AFRICA Pressure Technologies plc (the "Group") FIRST DAY OF DEALINGS ON AIM Pressure Technologies plc (AIM: PRES) is pleased to announce its flotation onAIM today. Pressure Technologies plc is the holding company for Chesterfield SpecialCylinders Limited ("CSC"). CSC designs, manufactures and offers testing andrefurbishment services for a range of speciality high pressure, seamless steelgas cylinders for global energy and defence markets. The Group employs 48 stafffrom its 4.4 acre site in Sheffield. At the issue price of 150 pence, £6 million before expenses has been raised onbehalf of the Group via an oversubscribed placing. The proceeds of the placingwill be used to fund the growth of the business organically and by acquisitions,pay off part of the existing debt and for working capital. On admission to AIM, the market capitalisation of Pressure Technologies plc atthe issue price is £17 million. Brewin Dolphin Securities is acting as Nominated Adviser and Broker to theGroup. Placing Statistics Issue price 150pNumber of new shares placed on behalf of the Group 4,000,000Number of old shares placed on behalf of selling shareholders 2,430,198 Number of ordinary shares in issue upon admission 11,333,620Percentage of enlarged share capital placed 56.7% For further information, please contact: Pressure Technologies plc 0114 242 7500John HaywardJonathan Clark Brewin Dolphin Securities 0113 241 0130Neil BaldwinSean Wyndham-Quin Brewin Dolphin Securities Limited, a member of the London Stock Exchange,authorised and regulated by the Financial Services Authority, is acting for theCompany only and will not be responsible to any other persons for providing theprotections afforded to clients of Brewin Dolphin Securities Limited or foradvising such person on the matters referred to in this announcement. BrewinDolphin Securities Limited has not approved the contents of, or any part of,this announcement. This information is provided by RNS The company news service from the London Stock Exchange