Concurrent Technologies PLC - Essex, England-based designer and manufacturer of computer boards - Raises £300,000 from retail offer of new shares at 65 pence each. The 461,538 shares taken up by retail investors is added to 10.0 million placing shares, which raised £6.5 million at the same price. The fund raise was conducted to support a conditional agreement to buy Phillips Machine & Welding Co Inc for $3.4 million, which Concurrent had announced last week. The company also will issue 1.8 million in consideration shares for the purchase, bringing total new shares to 12.3 million. As the retail offer was oversubscribed, existing shareholders received 67% of their application.
Current stock price: 69.95p, up 2.9% in London on Friday
12-month change: down 21%
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