In addition to the placing, qualifying shareholders will be given the opportunity to subscribe for new ordinary shares through an open offer to raise up to approximately £0.5m, with the number of open offer shares to be determined following confirmation of the issue price.
The group said full-year revenue and profits were in line with guidance given in its pre-close trading update of 14 September.
The group reports an underlying operating loss of £0.2m (2015: profit £1.2m) but a second half underlying operating profit of £1.2m (2015: £1.6m).
Driver posts an underlying loss before taxation of £0.4m (2015: profit £1.1m) and a reported loss before taxation of £5.3m (2015: £1.9m).
Chief executive Gordon Wilkinson said: "The proposed fundraise announced today is intended to provide the necessary level of refinancing to normalise the capital structure of the business.
"On completion this additional financing will provide a solid platform on which to effect the remainder of the board's recovery plan and to capitalise on the current opportunities available to the business."
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