Placing of Shares

RNS Number : 0328J

AB Dynamics PLC

06 June 2014

 



6 June 2014

AB Dynamics plc
("ABD" or the "Company" )

Share placing of 1.2 million ABD ordinary shares

Directors' dealings

AB Dynamics plc (AIM: ABDP) the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry announced on 23 May 2014 that certain directors and employees of the Company had exercised options to subscribe for 428,664 ABD new ordinary shares of 1 pence each (the "New Ordinary Shares") at an exercise price of 12.52 pence per share.

As announced Timothy (Tim) Rogers and Robert Hart exercised options to subscribe for 186,100 New Ordinary Shares and 5,133 New Ordinary Shares respectively.  

The Company announces that on 5 June 2014 Charles Stanley Securities undertook a placing of New Ordinary Shares and existing ordinary shares (the "Placing") on behalf of certain directors, founders and employees, in response to investor demand and which has been significantly oversubscribed.  The Placing comprised 201,208 New Ordinary Shares and 1,031,420 existing ordinary shares at a price of 150 pence per share.

Tim Rogers has sold 40,000 New Ordinary Shares through the Placing. Mr Rogers' intends to retain his residual holding of 146,100 ordinary shares, representing 0.87% of the Company's issued share capital. He also retains options to subscribe for a further 372,200 ABD ordinary shares.

Robert Hart has sold 5,133 New Ordinary Shares through the Placing but retains a holding of 11,389 ordinary shares, representing 0.07% of the Company's issued share capital and retains options to subscribe for a further 10,267 ABD ordinary shares.

In addition Mrs Naemi Best, the wife of Chairman Mr Anthony Best, has sold 399,173 ordinary shares through the Placing.  Following this disposal Mr Best retains an interest in 6,797,107 ordinary shares, representing 40.52% of the Company's issued share capital and which includes Mrs Best's holding of 1,200,000 ordinary shares representing 7.15% of the Company's issued share capital.

Anne Middleton has sold 200,000 ordinary shares through the Placing.  Following this disposal Ms Middleton retains an interest in 1,800,000 ordinary shares representing 10.73% of the Company's issued share capital.

Anthony Best, Executive Chairman, commented: "We are delighted with the progress of the company since our float in May 2013 and the interest and support we have received from new and existing institutional investors. This support allows us to strengthen our institutional shareholder base for the long term success of the business."

For further information please contact:

AB Dynamics plc Tim Rogers, Managing Director Tony Best, Chairman	01225 860 200
Cairn Financial Advisers LLP (Nomad) Tony Rawlinson Avi Robinson	0207 148 7900
Charles Stanley Securities Limited (Broker) Dugald J. Carlean Karri Vuori	0207 149 6000
Newgate Threadneedle (PR) Josh Royston Heather Armstrong Caroline Evans-Jones	0207 653 9850

Overview of AB Dynamics plc

ABD is a leading designer, manufacturer and provider of advanced testing and measurement products for vehicle suspension, brakes and steering to the global automotive research and development sector. The Group was founded in 1982 and listed on AIM in May 2013. The Group is headquartered in Bradford on Avon employing approximately 50 staff. ABD currently supplies seventeen of the top twenty automotive manufacturers, including Honda, Toyota, Ford and Volkswagen, who routinely use the Group's products to test vehicle safety and dynamics.

 

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