APC Technology raises £1.1m by placing 13.75m shares on AIM

2nd Aug 2016 13:20

(ShareCast News) - Electronic component and service provider APC Technology raised £1.1m through a placing of 13.75m ordinary shares of 2p on AIM at 8p per share.The funds, which were raised together with two warrants for every five placing shares issued, were to be used to provide working capital to support growth.Chief executive Richard Hodgson said: "This raise will help to fund the continuing turnaround of the business as we focus on the core business units. As we highlighted in our previous announcements we are seeing real traction through contract wins and a more robust order book across the business."I am confident that these funds, with the implementation of the actions we took following our operational review, will help to deliver a platform for profitable growth."The shares and warrants were placed by the company's agent, Stockdale Securities, with institutional and other investors.As of 14:00 BST shares in APC Technology were 15.0% lower to 8.50p.