Pressure Technologies - Result of Placing and PrimaryBid Offer
This content has been sourced from: https://www.investegate.co.uk/pressuretechnologies...
Pressure Technologies plc
("Pressure Technologies" or the "Company")
Result of Placing and PrimaryBid Offer
Pressure Technologies plc, (AIM: PRES), the specialist engineering group, is pleased to confirm, further to the announcements made yesterday regarding the proposed Placing and PrimaryBid Offer, that the Bookbuilding Process has now closed and the Company has conditionally raised gross proceeds of approximately £7.5 million (before expenses) through the Placing of 11,666,667 new Ordinary Shares (the "Placing Shares") and subscriptions for a further 805,331 new Ordinary Shares through the PrimaryBid Offer (the "PrimaryBid Shares"), in each case at the Issue Price of 60 pence per share, with certain existing Shareholders and new investors. The Issue Price of 60 pence represents a 4.00 per cent. discount to the Closing Price of 62.5 pence on 27 November 2020, the last business day before the announcement of the Placing.
The Placing Shares and PrimaryBid Shares, once issued, will together represent approximately 40 per cent. of the enlarged share capital of the Company.
The Placing is conditional upon the Placing Resolutions being duly passed by Shareholders at the General Meeting.
The Circular containing, amongst other things, the notice of the General Meeting is expected to be published by the Company by no later than 1 December 2020.
Commenting, Chris Walters, Chief Executive of Pressure Technologies plc said:
"We are grateful for the strong support of our shareholders and new investors, demonstrated through this successful fundraising. The investment provides us with the resources to capitalise on exciting opportunities in the hydrogen energy market and to accelerate growth in our Integrity Management services business. The now stronger balance sheet will provide resilience through tough oil and gas trading conditions, strength in the development of partnerships and the negotiation of major contracts and flexibility to take advantage of emerging opportunities."