Flowtech Fluidpower PLC Close of accelerated bookbuild (1146Z)

TIDMFLO

RNS Number : 1146Z

Flowtech Fluidpower PLC

10 March 2017

10 March 2017

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN FLOWTECH FLUIDPOWER PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF FLOWTECH FLUIDPOWER PLC.

This announcement contains inside information

Flowtech Fluidpower plc

("Flowtech", the "Group" or the "Company")

Close of accelerated bookbuild - successful fundraise of GBP10 million at 120p per share

Flowtech (AIM: FLO), the specialist technical fluid power products supplier, announces that, further to the announcement made on 9 March 2017 entitled "Proposed Accelerated Bookbuild to raise up to GBP10 million", the accelerated bookbuild process has now closed. The accelerated bookbuild was successful and the Company has conditionally raised a total of GBP10 million, subject to inter alia the passing of certain resolutions by shareholders at the General Meeting. The Company will shortly announce the full details of the proposed Placing and post a circular to Shareholders containing these details and convening the General Meeting.

Unless otherwise defined, all capitalised terms in this announcement are defined at the end of the announcement made on 9 March 2017 entitled "Proposed Accelerated Bookbuild to raise up to GBP10 million".

For further information please visit www.flowtechfluidpower.com or contact:

 
Flowtech Fluidpower plc 
 Sean Fennon, CEO 
 Bryce Brooks, CFO                                [phone] 
Zeus Capital 
 (Nominated Adviser & Joint Broker) 
 Andrew Jones / Jonathan Sharp (Corporate 
 Finance) 
 Dominic King (Broking)                           [phone] 
finnCap 
 (Joint Broker) 
 Ed Frisby / Kate Bannatyne (Corporate Finance) 
 Rhys Williams / Emily Morris (Sales and 
 Broking)                                         [phone] 
Media enquiries: 
 TooleyStreet Communications 
 Fiona Tooley                                     [phone] 
 

About Flowtech Fluidpower plc:

Flowtech Fluidpower plc, founded as Flowtech in 1983, is the UK's leading specialist supplier of technical fluid power products. The Group has three divisions: Flowtechnology, Power Motion Control and Process. All three of the Group's divisions have overlapping product sets, allowing procurement synergies to be maximised.

The Flowtechnology division focuses on supplying distributors and resellers of industrial MRO (maintenance, repair and operation) products, primarily serving urgent orders rather than bulk offerings. It is formed from Flowtechnology UK, Flowtechnology Benelux and Indequip. It offers an unrivalled range of Original Equipment Manufacturer (OEM) and Exclusive Brand products to over 3,400 distributors and resellers and the catalogues are recognised as the definitive source for fluid power products, containing 100,000 individual product lines and are distributed to more than 80,000 industrial Maintenance, Repair and Overhaul end users (MRO). The Power Motion Control division specialises in the design, assembly and supply of engineering components and hydraulic systems and is further enhanced by a service and repair function. The division is formed from Primary Fluid Power, Nelson Hydraulics, TSL Fluidpower and HTL. The Process division focuses on the supply of industrial components to the process sectors.

The Group's main distribution centre is in Skelmersdale, Lancashire with further distribution centres in the Netherlands and China. The Power Motion Control division (PMC) has operations in Merseyside, Northern Ireland, the Republic of Ireland, Yorkshire and Shropshire; Process operates from the West Midlands. In total the business employs 349 people.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 10, 2017 02:15 ET (07:15 GMT)