Pressure Technologies PLC
06 June 2007
NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR THE
REPUBLIC OF SOUTH AFRICA
Pressure Technologies plc
(the 'Group')
FIRST DAY OF DEALINGS ON AIM
Pressure Technologies plc (AIM: PRES) is pleased to announce its flotation on
AIM today.
Pressure Technologies plc is the holding company for Chesterfield Special
Cylinders Limited ('CSC'). CSC designs, manufactures and offers testing and
refurbishment services for a range of speciality high pressure, seamless steel
gas cylinders for global energy and defence markets. The Group employs 48 staff
from its 4.4 acre site in Sheffield.
At the issue price of 150 pence, £6 million before expenses has been raised on
behalf of the Group via an oversubscribed placing. The proceeds of the placing
will be used to fund the growth of the business organically and by acquisitions,
pay off part of the existing debt and for working capital.
On admission to AIM, the market capitalisation of Pressure Technologies plc at
the issue price is £17 million.
Brewin Dolphin Securities is acting as Nominated Adviser and Broker to the
Group.
Placing Statistics
Issue price 150p
Number of new shares placed on behalf of the Group 4,000,000
Number of old shares placed on behalf of selling shareholders 2,430,198
Number of ordinary shares in issue upon admission 11,333,620
Percentage of enlarged share capital placed 56.7%
For further information, please contact:
Pressure Technologies plc 0114 242 7500
John Hayward
Jonathan Clark
Brewin Dolphin Securities 0113 241 0130
Neil Baldwin
Sean Wyndham-Quin
Brewin Dolphin Securities Limited, a member of the London Stock Exchange,
authorised and regulated by the Financial Services Authority, is acting for the
Company only and will not be responsible to any other persons for providing the
protections afforded to clients of Brewin Dolphin Securities Limited or for
advising such person on the matters referred to in this announcement. Brewin
Dolphin Securities Limited has not approved the contents of, or any part of,
this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange