LONDON (ShareCast) - Marine safety equipment and caravan maker Cosalt recovered a little of its recent plunge on news it has completed a £2.96m placing at 240p per share.
The net proceeds of the fully underwritten fundraising will help cover some of the £12m cost of buying Norwegian marine safety business Myhre-Maritime announced last month.
Completion of the deal remains subject to the company finalising the additional debt financing required for the purpose of the acquisition.
It says Myhre, which posted a pre-tax profit of £1.8m in 2007 on turnover of £8m, will reinforce its strong position in the North Sea.
The firm’s shares tumbled late June despite a swing into a first half profit of £777,000.
Chairman David Ross said the group is targeting a number of acquisitions.
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