Business
Placing to raise £2.5 million
Placing to raise £2.5 million.
About this update from Hardide Plc
[{"type":"text","content":"\n \nRNS Number : 3836A Hardide PLC 21 January 2020 \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 OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \nFURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW ORDINARY SHARES OF HARDIDE PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER, ISSUE OR SOLICITATION WOULD BE UNLAWFUL.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n21 January 2020\n \nHardide plc\n \n(\"Hardide\", the \"Group\" or the \"Company\")\n \nPlacing to raise £2.5 million\n \nBoard Change\n \nHardide plc (AIM: HDD), the developer and provider of advanced surface coating technology, is pleased to announce that it has conditionally raised £2.5 million before expenses by way of a placing (the \"Placing\"). The Placing will be satisfied through the issue of 3,968,254 new ordinary shares of 4.0 pence each in the Company (\"Ordinary Shares\") (the \"Placing Shares\") at a price of 63.0 pence per share (the \"Placing Price\"). \n \nThe Placing follows significant demand from new and existing investors and is an opportunity to welcome new investors to the register. The Board is pleased to announce that the Placing has been significantly oversubscribed and the Placing Price of 63.0 pence represents a premium of 1.6 per cent. to the closing mid-market price on 20 January 2020. \n \nWith these new funds the Company will acquire replacement and additional modern equipment to a value of approximately £1.5 million in connection with the move to new premises in Bicester during 2020. This will enable the Company to achieve greater operational efficiency and environmental performance. Plans include upgrading the existing three coating reactors to the latest technical specifications along with new pre-treatment and component cleaning equipment and a new development reactor. In addition to the capital investment, the new funds will allow the Com...