Funds to relocate factory, reduce borrowings, provide working capital
By Melissa Kory
Cleveland, Feb. 14 - Optare plc said it plans to raise £7.4 million in a private placement of shares.
The company will sell 370 million new ordinary shares at 2p per share, an 11.11% discount to the Feb. 14 closing share price of 2.25p.
Proceeds will be used to fund the relocation of the company's Leeds factory, to provide working capital for the company and to reduce the company's borrowings.
Blackburn, England-based Optare designs, manufactures and sells buses.
| Issuer: | Optare plc
|
| Issue: | Ordinary shares
|
| Amount: | £7.4 million
|
| Shares: | 370 million
|
| Price: | 2p
|
| Warrants: | No
|
| Pricing date: | Feb. 14
|
| Stock symbol: | London: OPE
|
| Stock price: | 2.25p at close Feb. 14
|
| Market capitalization: | £8.6 million
|
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