StockMarketWire.com - Model railway group Hornby said it would raise around £15m through an equity placing to fund the development of its products.

New shares in the company would be issued at 36p each.

Proceeds would be used to accelerated product development, invest in digital marketing, upgrade central systems, and strengthen the balance sheet, the company said. Hornby also announced that, conditional on shareholder approval, it had extended a lock-in period with Lyndon Charles Davies and Catherine Enrico Davies concerning its plan to acquire a 49% stake in LCD Enterprises, to 8 December 2023.

At 8:08am: [LON:HRN] Hornby PLC share price was +1p at 37p

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