By Sheri Kasprzak
New York, Sept. 15 - Avingtrans plc settled a £1,782,500 private placement connected to its acquisition of B&D Patterns Ltd.
The company issued 1,426,000 shares at 125p each to a single institutional investor.
The proceeds from the deal will be used to pay for a portion of the acquisition, which is expected to cost up to £10.5 million. Of that total, £6,583,000 is payable in cash and the rest with stock at 5p each.
B&D manufactures jet engine components for the aerospace industry.
The remainder of the acquisition cost will be funded by debt, according to a statement released by the company Friday.
Based in Sandiacre, England, Avingtrans also develops jet engine components.
Issuer: | Avingtrans plc
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Issue: | Stock
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Amount: | £1,782,500
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Shares: | 1,426,000
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Price: | 125p
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Warrants: | No
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Settlement date: | Sept. 15
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Stock symbol: | London: AVG
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Stock price: | 136.50p at close Sept. 14
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