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DiscoverIE to buy two businesses and raise £29m

By BFN News | 08:03 AM | Tuesday 16 April, 2019


Electronics specialist DiscoverIE is to raise £29m by placing new shares at 400p each, representing a 3.85% discount to last night's closing price. It will use the processed to reduce debt, fund working capital and for general corporate purposes. At the same time it has announced plans to buy Hobart, a US-based designer and manufacturer of custom transformers, inductors and magnetic components, for up to £14.8m. DiscoverIE is also buying Positek, a UK-based designer and manufacturer of rugged, high accuracy linear, rotary, tilt and submersible sensors, for up to £4.6m. Both acquisitions will be funded out of existing debt facilities. They will have a neutral effect on earnings per share in the current year. DiscoverIE also said its trading in the fourth quarter was strong and that full year earnings would be in line with expectations. At 8:03am: (LON:DSCV) Discoverie Group Plc share price was -5p at 411p Story provided by StockMarketWire.com

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