AB Dynamics plc
("ABD" or the "Company")
Result of Offer for Subscription
Result of Offer for Subscription
In conjunction with the announcement of the results of a Placing on 6 December 2016, the Company announced that it proposed to raise an amount of up to approximately £1.0m through the issue of up to 210,526 Offer Shares to Qualifying Participants at an issue price of 475 pence per Offer Share.
The Company is pleased to announce that the Offer was more than 4 times over subscribed, with valid acceptances received from Qualifying Participants in respect of 928,346 Offer Shares. Accordingly, Qualifying Participants that have made applications will be scaled back on a pro-rata basis.
Application will be made for the 210,526 Offer Shares to be admitted to trading on AIM, which is expected to occur on or around 28 December 2016. Following the issue of the Offer Shares (which represent 1.1 per cent of the Enlarged Issued Share Capital of the Company) the Company will have a total of 19,111,946 Ordinary Shares in issue.
Prior to publication, certain information contained within this announcement was deemed to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.
Other than where defined, capitalised terms used in this announcement have the meanings given to them in the circular posted to shareholders by the Company on 6 December, a copy of which is available to view on the Company's website at www.abd.uk.com (the "Circular").
Tim Rogers, CEO, commented:
"We are delighted with the support given to the Company by our shareholders. Combined with the proceeds from the recent Placing we have the funds to support and further advance the future growth and development of the Group."
For further information please contact:
AB Dynamics plc Tim Rogers, Chief Executive Officer Tony Best, Non-Executive Chairman |
01225 860 200 |
Cairn Financial Advisers LLP (Nomad) Tony Rawlinson Liam Murray Richard Nash |
0207 213 0880 |
Cantor Fitzgerald Europe (Broker) David Foreman Phil Davies |
0207 894 7000 |
Newgate (PR) Adam Lloyd Helena Bogle |
0207 653 9850 |
Overview of AB Dynamics plc
ABD is a leading designer, manufacturer and provider of advanced testing and measurement products for vehicle suspension, brakes and steering to the global automotive research and development sector. The Group was founded in 1982 and listed on AIM in May 2013. ABD is headquartered in Bradford-on-Avon employing approximately 90 staff. ABD currently supplies all of the top twenty automotive manufacturers, including Honda, Toyota, Ford and Volkswagen, who routinely use the Group's products to test vehicle safety and dynamics.
