London Stock Exchange welcomes AB Dynamics plc to AIM
AB Dynamics plc (the “Company”) is a designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry.
The Company’s operating subsidiary, Anthony Best Dynamics Limited, was founded in 1982 and currently provides seventeen of the twenty major international car manufacturers, including Ford, Honda, BMW and Volkswagen, with testing and measurement products for vehicle suspension, brakes and steering for use in both the laboratory and on the test track.
AB Dynamics plc has raised £2.5m, before expenses, issuing 2,906,976 new ordinary shares at a price of 86p per share. A further £2.5m has been raised to satisfy the sale of shares pursuant to a vendor placing. Through the placing a total of 19 new institutional shareholders were introduced to the Company’s share register. On admission, the Company has 16,306,976 ordinary shares in issue, giving AB Dynamics plc a market capitalisation of approximately £14 million.
The Company intends to use the net proceeds of the IPO primarily to fund the construction of a new factory which will enable increased capacity.
Tim Rogers, Managing Director of AB Dynamics plc, commented:
“We are very pleased to have received such strong support from the UK investment community. We believe that AIM provides a great opportunity for smaller companies and we look forward to growing the Group further through this listing and creating additional value for our shareholders. The Company will use the proceeds to fund a new, larger factory, increasing our output capacity, developing a presence in the Asian market, further recruitment and the exploration of complementary technologies.”
AB Dynamics plc is being advised by Cairn Financial Advisers, acting as Nominated Adviser, and Charles Stanley Securities acting as Broker. Newgate Threadneedle is advising the Company on its financial PR.