Pursuit planing to fund expansion

AIM-listed Huntingdon-based Pursuit Dynamics PLC has announced a proposed placing of 3,636,364 new ordinary 1p shares in the company at �1.10 per share, to raise approximately �4million before expenses. The board said the placing would provide Pursuit wit

AIM-listed Huntingdon-based Pursuit Dynamics PLC has announced a proposed placing of 3,636,364 new ordinary 1p shares in the company at �1.10 per share, to raise approximately �4million before expenses.

The board said the placing would provide Pursuit with additional working capital funding to accelerate the commercial growth of the company under the leadership of the new CEO, Roel Pieper, announced on this website last week.

The placing shares have been conditionally placed with institutional investors on behalf of the company. Mirabaud Securities LLP and Cenkos Securities plc are brokers to the company.

Application will be made for the placing shares to be admitted to trading on AIM, and Pursuit expects that trading in the new shares on AIM will commence on September 15.

Pursuit Dynamics won The Hunts Post Huntingdonshire Business of the Year Award and the Innovation Award in 2007.