Business
Issue of Equity
Issue of Equity.
About this update from Avingtrans Plc
[{"type":"text","content":"\n RNS Number : 6007D Avingtrans PLC 17 September 2008 \n \n \n\n\nAvingtrans plc ('Avingtrans' or 'the Company')\n\nPlacing\n\n17 September 2008\n\nAvingtrans is pleased to announce a conditional placing by KBC Peel Hunt on behalf of the Company with institutional and other investors of 7,000,000 new Ordinary Shares at price of 50 pence per share to raise £3.5 million (approximately £3.3 million after expenses). \n\nKey points\n\n\n\nConditional placing to raise £3.5 million at a price of 50 pence per share, approximately £3.3 million net of expenses;\n\n\n\n\nThe Placing proceeds will be used to fund the accelerated expansion of the Group's Sigma precision components business in Chengdu, central China, with over 80% being spent on capital equipment;\n\n\n\n\nThe Group is currently in discussions with multiple Tier 1 and Tier 2 aerospace component customers for volume orders and has received interest from major European and North American OEMs;\n\n\n\n\nThe Placing Price represents a discount of 11.5 per cent. to the share price of the Company at close of trading on 16 September 2008;\n\n\n\n\nAdmission of the Placing Shares to AIM is expected to take place on 17 October 2008.\n\n\n\n\n\nFor further information, please contact:\n\nAvingtrans plc Tel: 0115 949 9020\nRoger McDowell, Chairman\nStephen King, Finance Director\n\nKBC Peel Hunt Tel: 020 7418 8900\n(Nominated Adviser and Broker)\n\nJulian Blunt\nDaniel Harris\n\n\nHansard Group Tel: 020 7245 1100\nAdam...