Proposed Placing

RNS Number : 1414B

Optare PLC

14 February 2011

 



Optare plc

("Optare" or the "Company")

The Company announces that it is at the advanced stages of raising approximately £7.4 million through the issue, by way of a placing, of 370,000,000 new ordinary shares at 2p per share to institutional and other investors. The Company would use the proceeds of the Placing to fund the relocation of the Company's Leeds factory, to provide working capital for the Company and to reduce the Company's borrowings. The Company expects to complete the supporting documentation for the Placing, which would be subject to shareholder approval, and to post a circular to shareholders shortly and will make a further announcement at that time.

Optare plc Jim Sumner - Chief Executive

Tel: [phone]

Cenkos Securities plc Stephen Keys/Camilla Hume

Tel: [phone]

 

END

 

 

IOEBRGDDUUBBGBD