By Sheri Kasprzak
New York, Feb. 6 - Armour Group plc said it has settled a private placement for £6 million as part of its acquisition of Alphason Designs Ltd., a company that designs audio-visual furniture for consumer electronics suppliers.
Under the terms of the PIPE, Armour sold 12 million shares at 50p each to new and existing institutional investors through placement agent KBC Peel Hunt.
The number of shares represents 19% of the company's enlarged share capital.
The proceeds will be used to fund part of the initial cash consideration of the Alphason acquisition for £10 million.
Separately, Armour Group arranged new banking facilities with the National Westminster Bank plc. The terms of the facilities could not be determined Monday.
Based in Tunbridge Wells, England, Armour Group produces consumer electronics for the home and car.
| Issuer: | Armour Group plc
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| Issue: | Stock
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| Amount: | £6 million
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| Shares: | 12 million
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| Price: | 50p
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| Warrants: | No
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| Placement agent: | KBC Peel Hunt
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| Settlement date: | Feb. 6
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| Stock symbol: | London: AMR
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| Stock price: | 51.40p at close Feb. 3
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