Business
Confirmation of successful £10 million fundraise
Confirmation of successful £10 million fundraise.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n \nRNS Number : 1521Z Flowtech Fluidpower PLC 10 March 2017 \n\n10 March 2017\n \nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN FLOWTECH FLUIDPOWER PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. \nThis announcement contains inside information\nFlowtech Fluidpower plc\n(\"Flowtech\", the \"Group\" or the \"Company\")\n \nConfirmation of successful £10 million fundraise subject to shareholder approval\nFlowtech (AIM: FLO), the specialist technical fluid power products supplier, is pleased to announce that, following the announcement of 9 March 2017 entitled \"Proposed Accelerated Bookbuild to raise up to £10 million\", the Company has raised a total of £10 million (before expenses) by means of an accelerated bookbuild with new and existing investors, of 8,333,333 Placing Shares at a price of 120 pence per share.\nThe Placing is subject to the passing of certain resolutions at the General Meeting. Shareholder approval in respect of the Placing will be sought at the General Meeting. Provided that the Resolutions are passed and the Placing has otherwise become unconditional, completion of the Placing is expected to take place on 30 March 2017. \nKey Highlights\n· Oversubscribed placing to raise £10 million through the issue of 8,333,333 Placing Shares\n· Placing Price of 120 pence per Placing Share\n· The Placing is with existing and new institutional and other investors \nZeus Capital and finnCap acted as joint bookrunners in respect of the accelerated bookbuild.\nBryce Brooks, CFO, said:\n\"We are pleased to announce this successful placing to raise £10 million which demonstrates clear support from both new and existing shareholders.\nSince listing, Flowtech has a proven tra...