Pressure Technologies plc: Capital Raise of £7.5 million
Pressure Technologies plc is pleased to confirm that the Company has conditionally raised gross proceeds of approximately £7.5 million (before expenses) through the Placing of 11,666,667 new Ordinary Shares and subscriptions for a further 805,331 new Ordinary Shares through the PrimaryBid Offer, in each case at the Issue Price of 60 pence per share, with certain existing Shareholders and new investors.
The Issue Price of 60 pence represents a 4.00 per cent. discount to the Closing Price of 62.5 pence on 27 November 2020, the last business day before the announcement of the Placing.
The net proceeds of the fundraise will be used to accelerate growth in the fast developing hydrogen market, build the group’s capability in Integrity Management and to strengthen the balance sheet.
Chris Walters, Chief Executive Officer of Pressure Technologies plc, commented:
“We are grateful for the strong support of our shareholders and new investors, demonstrated through this successful fundraising. The investment provides us with the resources to capitalise on exciting opportunities in the hydrogen energy market and to accelerate growth in our Integrity Management services business. The now stronger balance sheet will provide resilience through tough oil and gas trading conditions, strength in the development of partnerships and the negotiation of major contracts and flexibility to take advantage of emerging opportunities.”
Singer Capital Markets is acting as Nominated Adviser and Broker to Pressure Technologies.
About Pressure Technologies plc
Pressure Technologies is a UK designer and manufacturer of high-integrity, safety-critical components and systems serving global supply chains in oil and gas, defence, industrial gases, and hydrogen energy markets. The Group creates value for its customers by enhancing the performance of their safety-critical supply chains and advancing safety and reliability in demanding environments through technology, high-quality engineering and the skills of its people.
Market Cap: £11.16 million*
Website: Click here
*As at 01/12/2020