BDB Pitmans advises on placing for circuit technology product manufacturer Trackwise Designs
The BDB Pitmans corporate team has advised existing client, finnCap, on the successful placing of shares for Trackwise Designs Plc (Trackwise Designs), for a total worth of up to £12 million. Admission and commencement of dealings in the placing shares, subscription shares and the open offer shares on AIM is due to take place at 8am on 10 December 2020.
Trackwise Designs is a UK manufacturer of specialist products using printed circuit technology. These include a lightweight replacement for conventional wiring harnesses known as Improved Harness Technology™ (IHT) and Radio Frequency (RF) antennae.
The placing comprises up to 5,490,000 new ordinary shares, subscription of 10,000 new ordinary shares and open offer of up to 502,582 new ordinary shares to raise gross proceeds of approximately £12 million. This is to fund a new manufacturing facility that is expected to quadruple IHT production capacity.
This product is the latest in a series of collaborations with finnCap. They are widely recognised as the largest adviser on the London Stock Exchange and the top broker on AIM.
Nick McCarthy, the corporate partner at BDB Pitmans who led the transaction, remarks:
‘This is our fourth collaboration with finnCap this year. We are delighted to continue our long-standing relationship with them and to have advised on the successful placing for Trackwise Designs.’
Last month, BDB Pitmans’ corporate team advised on a £1.2 million placing for virtual reality specialist Immotion Group Plc, as well as the admission of Verici Dx Plc to trading on the London Stock Exchange AIM market.