AB Dynamics PLC Result of Offer for Subscription (4146S)

TIDMABDP

RNS Number : 4146S

AB Dynamics PLC

21 December 2016

AB Dynamics plc

("ABD" or the "Company")

Result of Offer for Subscription

Result of Offer for Subscription

In conjunction with the announcement of the results of a Placing on 6 December 2016, the Company announced that it proposed to raise an amount of up to approximately GBP1.0m through the issue of up to 210,526 Offer Shares to Qualifying Participants at an issue price of 475 pence per Offer Share.

The Company is pleased to announce that the Offer was more than 4 times over subscribed, with valid acceptances received from Qualifying Participants in respect of 928,346 Offer Shares. Accordingly, Qualifying Participants that have made applications will be scaled back on a pro-rata basis.

Application will be made for the 210,526 Offer Shares to be admitted to trading on AIM, which is expected to occur on or around 28 December 2016. Following the issue of the Offer Shares (which represent 1.1 per cent of the Enlarged Issued Share Capital of the Company) the Company will have a total of 19,111,946 Ordinary Shares in issue.

Prior to publication, certain information contained within this announcement was deemed to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the circular posted to shareholders by the Company on 6 December, a copy of which is available to view on the Company's website at www.abd.uk.com (the "Circular").

Tim Rogers, CEO, commented:

"We are delighted with the support given to the Company by our shareholders. Combined with the proceeds from the recent Placing we have the funds to support and further advance the future growth and development of the Group."

For further information please contact:

 
 AB Dynamics plc 
  Tim Rogers, Chief Executive 
  Officer 
  Tony Best, Non-Executive 
  Chairman                       01225 860 200 
 Cairn Financial Advisers 
  LLP (Nomad) 
  Tony Rawlinson 
  Liam Murray 
  Richard Nash                   0207 213 0880 
 Cantor Fitzgerald Europe 
  (Broker) 
  David Foreman 
  Phil Davies                    0207 894 7000 
 Newgate (PR) 
  Adam Lloyd 
  Helena Bogle                   0207 653 9850 
 

Overview of AB Dynamics plc

ABD is a leading designer, manufacturer and provider of advanced testing and measurement products for vehicle suspension, brakes and steering to the global automotive research and development sector. The Group was founded in 1982 and listed on AIM in May 2013. ABD is headquartered in Bradford-on-Avon employing approximately 90 staff. ABD currently supplies all of the top twenty automotive manufacturers, including Honda, Toyota, Ford and Volkswagen, who routinely use the Group's products to test vehicle safety and dynamics.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 21, 2016 02:00 ET (07:00 GMT)