By Devika Patel
Knoxville, Tenn., July 23 - Lawrence plc announced that it has completed a £5.44 million private placing.
Charles Stanley Securities and Nomura Code Securities were the agents.
The agents agreed to place 2,718,500 shares at 200 pence per share with institutional and other investors. The deal represents 8% of Lawrence's total issued share capital.
The shares are expected to start trading on AIM on Aug. 15, and the share certificates will be despatched by Aug. 28.
The shares will not be offered generally to shareholders.
Peter Lawrence, a Lawrence director, has agreed to subscribe for 500,000 shares, which will raise his total to 9,500,000 shares, or approximately 28% of Lawrence's enlarged issued share capital.
Proceeds will be used for the development of the company's Eco subsidiary.
Lawrence is a Surrey, England-based developer, manufacturer and distributor of chemical and pharmaceutical products for animal health and farming.
| Issuer: | Lawrence plc
|
| Issue: | Stock
|
| Amount: | £5.44 million
|
| Shares: | 2,718,500
|
| Price: | 200p
|
| Warrants: | No
|
| Announcement date: | July 20
|
| Agents: | Charles Stanley Securities and Nomura Code Securities
|
| Stock symbol: | LSE: LAC
|
| Stock price: | 211.50p at close July 20
|
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