Business
Placing to raise approximately ?8.8m
Placing to raise approximately ?8.8m.
About this update from Zotefoams Plc
[{"type":"text","content":"\n \nRNS Number : 4831R Zotefoams PLC 12 September 2014 \n \n\nTHIS ANNOUNCEMENT (INCLUDING THE APPENDIX) IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE OR ACQUIRE ANY SECURITIES, INCLUDING PLACING SHARES, IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.\n \nTHIS ANNOUNCEMENT (INCLUDING THE APPENDIX) 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, JERSEY, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n\n\n12 September 2014\nZotefoams plc \n(\"Zotefoams\", the \"Company\" or the \"Group\")\n \nPlacing to raise approximately £8.8 million to finance investment in US plant expansion\n \nZotefoams, a world leader in cellular material technology, today announces a placing of 3,983,130 new ordinary shares of 5 pence each (\"Ordinary Shares\") in the share capital of the Company (the \"Placing Shares\") at an issue price of 220 pence per Placing Share (the \"Placing Price\") to raise gross proceeds of approximately £8.8 million (the \"Placing\").\n \nThe Placing Shares represent 9.99 per cent. of the existing issued share capital of Zotefoams and the Placing Price represents a discount of approximately 6.6 per cent. to the closing middle market price of 235.5 pence per Ordinary Share on 11 September 2014, being the latest practicable date prior to this Announcement. \n \nHighlights:\n \n· Share issue contributing to a significant increase in capacity to support future growth opportunities\n· Existing wholly owned site in Walton, Kentucky, USA to benefit from approximately US$22 million1 investment in proprietary technology\n· Increased international footprint of Zotefoams Group to serve worldwide customer base\n· Clear operational benefits and enhanced security of supply to customers from multi-site operations\n· Placing of 3,983,130 Placing Shares at an issue price of 220 pence per Placing Share, being 9.99 p...