Agent finnCap assists in selling ordinary shares to fund acquisition
By Devika Patel
Knoxville, Tenn., Nov. 30 - Enfis Group plc said it completed a private placement of shares through agent finnCap. It raised £1.98 million.
The company sold 19,799,790 ordinary shares 10p per share. The price per share is identical to the Nov. 29 closing share price.
The placement is conditional upon the company completing its planned acquisition of the entire issued share capital of PhotonStar LED Ltd. for about £5.1 million, which will be paid in shares.
Proceeds will be used for the integration costs of the group's businesses, to establish a new final assembly and product test facility and for working capital.
Based in Swansea, United Kingdom, Enfis makes light emitting diode-based arrays and light engines.
| Issuer: | Enfis Group plc
|
| Issue: | Ordinary shares
|
| Amount: | £1,979,979
|
| Shares: | 19,799,790
|
| Price: | 10p
|
| Warrants: | No
|
| Agents: | finnCap
|
| Settlement date: | Nov. 30
|
| Stock symbol: | London: ENF
|
| Stock price: | 10p at close Nov. 29
|
| Market capitalization: | £1.52 million
|
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