By Sheri Kasprzak
New York, July 28 - Carclo plc said it has completed two private placements for a total of £3.1 million.
In the first offering, the company sold 1,975,309 shares at 81p each to institutional investors. That private placement was conducted to satisfy the £1.6 million in Conductive Inkjet Technology Ltd. shares Carclo purchased to bring its holdings in CIT to 70% from 50%. Conductive develops inkjet technologies to print copper onto plastic and nonporous surfaces for use in electronics applications.
From the increased interest in CIT, Carclo will receive licensing rights for technical plastics and Carclo's joint venture partner Xennia Technologies Ltd. will receive licensing rights for decorative applications of the plastics technologies.
In the other offering, Carclo will issue 1,851,581 shares at 81p each to institutional investors for £1.5 million in proceeds, which will be used to develop the CIT program.
The £1.5 million financing is being placed through agent Dresdner Kleinwort Wasserstein Securities Ltd.
Based in West Yorkshire, England, Carclo makes plastics for the automotive, electronics and medical sectors.
First offering
| Issuer: | Carclo plc
|
| Issue: | Stock
|
| Amount: | £1.6 million
|
| Shares: | 1,975,309
|
| Price: | 81p
|
| Warrants: | No
|
| Settlement date: | July 28
|
| Stock price: | 85.5p at close July 27
|
|
|
| Second offering
|
| Issuer: | Carclo plc
|
| Issue: | Stock
|
| Amount: | £1.5 million
|
| Shares: | 1,851,581
|
| Price: | 81p
|
| Warrants: | No
|
| Placement agent: | Dresdner Kleinwort Wasserstein Securities Ltd.
|
| Announcement date: | July 28
|
| Stock price: | 85.5p at close July 27
|
|
|
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