Autins Group plc (AIM: AUTG), a leading designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, is pleased to announce that they have raised net proceeds of c.£3.5 million through a Placing of 17,500,000 new ordinary shares with certain existing and new institutional investors at a Placing Price of 20 pence per share. The Placing Price represents a 29.8 per cent discount to the Closing Price of 28.5 pence on 1 August 2019.
The Placing was conducted by way of an accelerated bookbuild.
Gareth Kaminski-Cook, CEO of Autins, commented:
“We are delighted to close this Placing to help fund automation of various Company processes, to accelerate the Company’s development in certain market segments and to provide for general working capital purposes. We thank our existing shareholders for their support and welcome new shareholders to the Group in supporting our efforts to accelerate our strategy in enhancing our capabilities and boosting key market segment growth. We are excited by this Placing, the opportunities this grants us and remain confident in our outlook and prospects.”
Singer Capital Markets is acting as Nominated Adviser and Broker to Autins Group plc.
About Autins Group
Autins are a recognised leader in acoustic and thermal management technology. They combine applications expertise with advanced manufacturing capabilities to provide best-in-class solutions that create competitive advantage and generate premium margins. The end markets for their product offering are supported by long-term resilient growth drivers.
Market Cap: £6.3 million*
Website: Click here
*As at 01/08/2019
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