LONDON, UK: CT Automotive Group plc (AIM: CTA), a UK-based company that provides interior components for the global automotive industry, has announced its plans to raise approximately £7.6 million through a proposed placement of new ordinary shares at a price of 34 pence per share.
The fundraising will involve the issuance of Placing Shares, Subscription Shares, and Director Subscription Shares, and will result in the Company raising total gross proceeds of £7.6 million. The Placing will be carried out by Liberum Capital Limited, acting as nominated adviser, sole bookrunner, and sole broker.
The net proceeds of the fundraising will be used to strengthen CT Automotive’s balance sheet, provide flexibility for growth opportunities, and realize further efficiency savings through investments in injection moulding production processes and robotics.
The fundraising is conditional upon the passing of the required resolutions by shareholders at the general meeting to be held on May 15, 2023, and is not being underwritten.
CT Automotive is a designer, developer and supplier of interior components to the global automotive industry with operations across China, Europe and Mexico. It has embedded relationships with a blue chip client base and long term visibility of orders, with market volumes now beginning to recover and a strong pipeline of opportunities.
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