Pittards plc (AIM: PTD) – fund raise comes as welcome news
Pittards, the specialist producer of technically advanced leather and luxury leather goods today announced a share issue to raise a total of c.£5.8 million.
We reported on the Group in March, following their financial results for the year ended 31st December 2014. Having increased profitability in the second half of the year, the full year results were in-line with expectations. The outlook was relatively cautious, as despite plans for expansion the Group did have fairly limited financial resources. Therefore, this morning’s announcement to raise more money certainly is very welcome news. The money will be raised via an oversubscribed Placing of 4,000,065 New Ordinary Shares at 120 pence per share to the Placees to raise approximately £4.8 million (before expenses); and a further issue…