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APC Technology raises cash to fund growth plans

The shares are being issued at 6p a pop to existing and new shareholders
APC Technology raises cash to fund growth plans
The sales pipeline opportunities currently being reviewed total £37.3mln in Minimise Energy and £12.7mln in Minimise Water

APC Technology Group (LON:APC) is to raise £1.3mln through a share placing and subscription to bolster the balance sheet ahead and fund its growth plans.

The shares are being issued at 6p a pop, a couple of pence below last night’s closing price.

The electronics and environmental services group said that all of its business units have continued to see “exciting and attainable growth opportunities”, with follow-on and new customer orders coming through the sales pipeline as a renewed focus on cross-selling opens additional opportunities.

Funds from the share issue, together with the company's reconfirmed invoice discounting facilities (the potential extension of which is under discussion) will provide sufficient funds for expansion and fulfilment of APC's growing order book.

Richard Hodgson, chief executive officer of APC, has agreed to subscribe for 1.32mln subscription shares, thereby lifting his stake in the company to 1.2%.

"I would like to thank our existing shareholders for their continued support and welcome those new to the company,” Hodgson said.

“I am particularly delighted that one of the founders of the company has subscribed alongside myself for new shares. This raise will strengthen our balance sheet and allow us to take advantage of the growth in our order book and the opportunities that we see across the business," he added.

 

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APC Technology Group Timeline

Newswire
November 23 2015

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