BDB Pitmans supports finnCap with £6 million placing for specialist technology manufacturer
Top 100 UK law firm, BDB Pitmans, has advised long-term client, finnCap, on a successful share placing by Trackwise Designs Plc (‘Trackwise Designs’ or ‘Company’) to raise conditionally gross proceeds of £6 million through the issue of an aggregate of up to 7,500,000 new ordinary shares pursuant to a placing of up to 7,487,500 new ordinary shares and a subscription of 12,500 new ordinary shares at 80 pence each.
In addition, the Company proposes to raise approximately £1 million by the issue of up to 1,250,336 new ordinary shares pursuant to an open offer to qualifying shareholders. 1,421,285 new ordinary shares were issued pursuant to the first tranche of the placing and subscription and the remaining placing, subscription and open offer shares will be issued in a second tranche.
Based in the United Kingdom, Trackwise Designs manufactures specialist products to customer specification using printed circuit technology. Working across two primary divisions, Radio Frequency (RF) and Improved Harness Technology™ (IHT), its specialist circuits are used globally, across multiple market sectors and for a wide-ranging variety of applications.
The fundraising will help to fund capital expenditure and provide additional growth working capital. Specifically, the proceeds raised will help the Company to continue to work on its Stonehouse property, the ‘Stonehouse Site’, to increase its production capacity to help meet the expected demand for its IHT products. The Stonehouse Site is expected to be in production at the end of Q1 2022 and fully operational by June 2022.
FinnCap acted as nominated adviser and broker to the Company, assisting with the admission of the first tranche of shares which took place on 20 December 2021, and the second tranche of shares which is expected to take place on 6 January 2021.
Upon completion, McCarthy said:
‘It is a pleasure to build on our longstanding relationship with finnCap through another successful placing, this time for Trackwise Designs to bring their ground-breaking products to the market. It is testament to the expertise of our team within the B2B technology sector that we are able to consistently and efficiently deliver desired outcomes for our clients.’
- For further information, please contact the BDB Pitmans account team at Byfield Consultancy on 0207 092 3999 or email email@example.com.