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
|
| Issue: | Stock
|
| Amount: | £1,782,500
|
| Shares: | 1,426,000
|
| Price: | 125p
|
| Warrants: | No
|
| Settlement date: | Sept. 15
|
| Stock symbol: | London: AVG
|
| Stock price: | 136.50p at close Sept. 14
|
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