Deal proceeds to be used for working capital to fund company growth
By Susanna Moon
Chicago, Jan. 28 - Armour Group plc said it raised £2 million from a conditional placing of 28.57 million common shares at 7p each, with proceeds to be used for additional working capital to fund the group's growth.
The sale price reflects a 9.68% discount to the company's closing price of 7.75p on Jan. 26.
The placement requires shareholder approval at a meeting on Feb. 23.
The company said it applied to list the shares on the London Stock Exchange.
"The proceeds will give Armour additional flexibility to further develop the business," George Dexter, chief executive, said in a press release.
Based in Tunbridge Wells, England, Armour Group produces consumer electronics for the home and car.
| Issuer: | Armour Group plc
|
| Issue: | Stock
|
| Amount: | £2 million
|
| Shares: | 28,571,429
|
| Price: | 7p
|
| Warrants: | No
|
| Pricing date: | Jan. 28
|
| Stock symbol: | London: AMR
|
| Stock price: | 8p at close Jan. 28
|
| Market capitalization: | £5.48 million
|
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