By Devika Patel
Knoxville, Tenn., Sept. 17 - Avingtrans plc said it has conditionally raised £3.5 million in a private placement of shares.
The company sold 7 million ordinary shares at 50p per share via agent KBC Peel Hunt.
Proceeds will be used to fund the accelerated expansion of the group's Sigma precision components business in Chengdu, central China, with over 80% being spent on capital equipment.
Based in Sandiacre, England, Avingtrans is a provider of precision engineering components and services to the medical, scientific and research communities, traffic management, automation, machinery and aerospace industries worldwide.
| Issuer: | Avingtrans plc
|
| Issue: | Ordinary shares
|
| Amount: | £3.5 million
|
| Shares: | 7 million
|
| Price: | 50p
|
| Warrants: | No
|
| Agent: | KBC Peel Hunt
|
| Settlement date: | Sept. 17
|
| Stock symbol: | London: AVG
|
| Stock price: | 55p at close Sept. 17
|
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