Member Article

Yeadon’s Filtronic expects to raise £2.1 million in placing of shares

Yeadon microwave components manufacturer Filtronic plc is set to raise £2.1 million by the placing of over 9 million shares with existing investors and management.

Filtronic has announced a conditional placing of 9,716,000 new ordinary shares at 22p per share.

The Placing Shares represent approximately 10% of the existing issued share capital of the company.

In connection with the placing, all members of the board of Filtronic are participating in the placing, and have agreed to subscribe for an aggregate of 579,833 placing shares.

The proceeds of the placing are expected to provide additional finance to the Company for working capital purposes in line with the anticipated increase in activity in the second half of the year.

Alan Needle, chief executive of Filtronic said: “We are delighted by the support demonstrated by shareholders for the fundraising announced today.

“In line with our stated strategy of aligning with OEMs, we are seeing a pick-up in activity associated with the 4G roll out. This requires a greater investment to prepare for deployment.

“The funds raised will enable us to strengthen our working capital position to continue to pursue opportunities for both Wireless and Broadband. The Board is confident about the prospects for the business.”

This was posted in Bdaily's Members' News section by Clare Burnett .