Flowtech Fluidpower PLC Close of accelerated bookbuild (1146Z)
March 10 2017 - 2:15AM
UK Regulatory
TIDMFLO
RNS Number : 1146Z
Flowtech Fluidpower PLC
10 March 2017
10 March 2017
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
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WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
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THIS 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. NEITHER THIS ANNOUNCEMENT NOR THE
FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON
IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF FLOWTECH
FLUIDPOWER PLC.
This announcement contains inside information
Flowtech Fluidpower plc
("Flowtech", the "Group" or the "Company")
Close of accelerated bookbuild - successful fundraise of GBP10
million at 120p per share
Flowtech (AIM: FLO), the specialist technical fluid power
products supplier, announces that, further to the announcement made
on 9 March 2017 entitled "Proposed Accelerated Bookbuild to raise
up to GBP10 million", the accelerated bookbuild process has now
closed. The accelerated bookbuild was successful and the Company
has conditionally raised a total of GBP10 million, subject to inter
alia the passing of certain resolutions by shareholders at the
General Meeting. The Company will shortly announce the full details
of the proposed Placing and post a circular to Shareholders
containing these details and convening the General Meeting.
Unless otherwise defined, all capitalised terms in this
announcement are defined at the end of the announcement made on 9
March 2017 entitled "Proposed Accelerated Bookbuild to raise up to
GBP10 million".
For further information please visit www.flowtechfluidpower.com
or contact:
Flowtech Fluidpower plc
Sean Fennon, CEO
Bryce Brooks, CFO +44 (0)1695 52759
Zeus Capital
(Nominated Adviser & Joint Broker)
Andrew Jones / Jonathan Sharp (Corporate
Finance)
Dominic King (Broking) +44 (0)20 3829 5000
finnCap
(Joint Broker)
Ed Frisby / Kate Bannatyne (Corporate Finance)
Rhys Williams / Emily Morris (Sales and
Broking) +44 (0)20 7220 0500
Media enquiries:
TooleyStreet Communications
Fiona Tooley +44 (0)7785 703523
About Flowtech Fluidpower plc:
Flowtech Fluidpower plc, founded as Flowtech in 1983, is the
UK's leading specialist supplier of technical fluid power products.
The Group has three divisions: Flowtechnology, Power Motion Control
and Process. All three of the Group's divisions have overlapping
product sets, allowing procurement synergies to be maximised.
The Flowtechnology division focuses on supplying distributors
and resellers of industrial MRO (maintenance, repair and operation)
products, primarily serving urgent orders rather than bulk
offerings. It is formed from Flowtechnology UK, Flowtechnology
Benelux and Indequip. It offers an unrivalled range of Original
Equipment Manufacturer (OEM) and Exclusive Brand products to over
3,400 distributors and resellers and the catalogues are recognised
as the definitive source for fluid power products, containing
100,000 individual product lines and are distributed to more than
80,000 industrial Maintenance, Repair and Overhaul end users (MRO).
The Power Motion Control division specialises in the design,
assembly and supply of engineering components and hydraulic systems
and is further enhanced by a service and repair function. The
division is formed from Primary Fluid Power, Nelson Hydraulics, TSL
Fluidpower and HTL. The Process division focuses on the supply of
industrial components to the process sectors.
The Group's main distribution centre is in Skelmersdale,
Lancashire with further distribution centres in the Netherlands and
China. The Power Motion Control division (PMC) has operations in
Merseyside, Northern Ireland, the Republic of Ireland, Yorkshire
and Shropshire; Process operates from the West Midlands. In total
the business employs 349 people.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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