By Devika Patel
Knoxville, Tenn., Sept. 3 - Optare plc said it plans to raise £8.6 million in a private placement of shares.
The company will sell 122,857,142 ordinary shares at 7p per share via agent Cenkos Securities plc.
Proceeds will be used for the development of the company's range of low carbon buses and also for working capital and tooling to support further product cost reduction activity.
Lancashire, England-based Optare designs, manufactures and sells buses.
| Issuer: | Optare plc
|
| Issue: | Ordinary shares
|
| Amount: | £8.6 million
|
| Shares: | 122,857,142
|
| Price: | 7p
|
| Warrants: | No
|
| Agent: | Cenkos Securities plc
|
| Pricing date: | Sept. 3
|
| Stock symbol: | London: OPE
|
| Stock price: | 7.25p at close Sept. 3
|
| Market capitalization: | £8.68 million
|
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