By Laura Lutz
Washington, Dec. 1 - Screen Technology Group plc announced a private placement of shares for up to £1.5 million.
The company agreed to sell 2.5 million ordinary shares to institutional and other investors at 60p per share.
MTI Partners Ltd. subscribed for 597,973 shares. Following the placement, MTI will own just under 50% of the company's enlarged share capital.
Schroder Investment Management Ltd. and Herald Investment Management Ltd. each agreed to buy 250,000 shares. Directors of the company Thomas Swan, Thomas Jarman and Peter Smyth subscribed for 166,666, 100,000 and 33,333 shares, respectively.
Proceeds will be used for the company's production facilities to accelerate growth.
Following settlement, the company will have 35,108,970 shares outstanding.
Based in Cambridge, England, Screen Technology designs and manufactures large-screen displays.
| Issuer: | Screen Technology Group plc
|
| Issue: | Ordinary shares
|
| Amount: | £1.5 million
|
| Shares: | 2.5 million
|
| Price: | 60p
|
| Warrants: | No
|
| Investors: | MTI Partners Ltd. (for 597,973 shares), Schroder Investment Management Ltd. (for 250,000 shares), Herald Investment Management Ltd. (for 250,000 shares), Thomas Swan (for 166,666 shares), Thomas Jarman (for 100,000 shares), Peter Smyth (for 33,333 shares)
|
| Pricing date: | Dec. 1
|
| Stock symbol: | London: SCT
|
| Stock price: | 60p at close Dec. 1
|
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