AB Dynamics PLC Result of Offer for Subscription (4146S)
December 21 2016 - 2:00AM
UK Regulatory
TIDMABDP
RNS Number : 4146S
AB Dynamics PLC
21 December 2016
AB Dynamics plc
("ABD" or the "Company")
Result of Offer for Subscription
Result of Offer for Subscription
In conjunction with the announcement of the results of a Placing
on 6 December 2016, the Company announced that it proposed to raise
an amount of up to approximately GBP1.0m through the issue of up to
210,526 Offer Shares to Qualifying Participants at an issue price
of 475 pence per Offer Share.
The Company is pleased to announce that the Offer was more than
4 times over subscribed, with valid acceptances received from
Qualifying Participants in respect of 928,346 Offer Shares.
Accordingly, Qualifying Participants that have made applications
will be scaled back on a pro-rata basis.
Application will be made for the 210,526 Offer Shares to be
admitted to trading on AIM, which is expected to occur on or around
28 December 2016. Following the issue of the Offer Shares (which
represent 1.1 per cent of the Enlarged Issued Share Capital of the
Company) the Company will have a total of 19,111,946 Ordinary
Shares in issue.
Prior to publication, certain information contained within this
announcement was deemed to constitute inside information for the
purposes of Article 7 of EU Regulation 596/2014. Upon publication
of this announcement, this information is now considered to be in
the public domain.
Other than where defined, capitalised terms used in this
announcement have the meanings given to them in the circular posted
to shareholders by the Company on 6 December, a copy of which is
available to view on the Company's website at www.abd.uk.com (the
"Circular").
Tim Rogers, CEO, commented:
"We are delighted with the support given to the Company by our
shareholders. Combined with the proceeds from the recent Placing we
have the funds to support and further advance the future growth and
development of the Group."
For further information please contact:
AB Dynamics plc
Tim Rogers, Chief Executive
Officer
Tony Best, Non-Executive
Chairman 01225 860 200
Cairn Financial Advisers
LLP (Nomad)
Tony Rawlinson
Liam Murray
Richard Nash 0207 213 0880
Cantor Fitzgerald Europe
(Broker)
David Foreman
Phil Davies 0207 894 7000
Newgate (PR)
Adam Lloyd
Helena Bogle 0207 653 9850
Overview of AB Dynamics plc
ABD is a leading designer, manufacturer and provider of advanced
testing and measurement products for vehicle suspension, brakes and
steering to the global automotive research and development sector.
The Group was founded in 1982 and listed on AIM in May 2013. ABD is
headquartered in Bradford-on-Avon employing approximately 90 staff.
ABD currently supplies all of the top twenty automotive
manufacturers, including Honda, Toyota, Ford and Volkswagen, who
routinely use the Group's products to test vehicle safety and
dynamics.
This information is provided by RNS
The company news service from the London Stock Exchange
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December 21, 2016 02:00 ET (07:00 GMT)