Zeus Capital acted as Nomad and Joint Broker to Flowtech Fluidpower plc (Ticker: FLO.L) on an £11m placing of new shares with existing, new institutional and other professional investors.
19th June 2018
The Placing Shares were placed at a discount of only 3.8 per cent to the closing mid-market price of the Ordinary Shares on 13 March 2018. The company also announced the agreement to acquire the entire issued share capital of Balu and its trading subsidiaries, Beaumanor and Derek Lane, for a total consideration of approximately £10.2 million.
The unaudited financial statements of Balu for the year to 31 January 2018 showed revenue of £11.4 million and proforma EBIT of £1.4 million. Unaudited net assets excluding net debt at the same date were £5.9 million.
The Acquisition provides a further complementary business to the Group, creating a co-ordinated approach to three major catalogue brands in the UK market place.