- AB Dynamics announced plans to raise up to approximately gross £50.1m to to finance potential acquisition opportunities and shore up its balance sheet.

The company said it planned to raise approximately £50.1m, before expenses, by way of a placing of up to £45.1m and an open offer of up to £5m at a price of 2200 pence per share.

The company intended to use the net proceeds of the proposed placing in support of the company's stated strategy to 'finance potential acquisition opportunities, adding important production capacity and for ongoing working capital requirements,' AB Dynamics said.

'Completion of the placing and open offer is subject, inter alia, to shareholder approval to enable the issue of the New Shares, which will be sought at a General Meeting of the Company expected to be held at 10.00 a.m. on 6 June 2019,' the company added.

At 9:47am: [LON:ABDP] AB Dynamics Plc share price was -75p at 2445p

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