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Northbridge Industrial Services
- BY: Andrew Hore |
- POSTED: 12/06/2009 |
Northbridge Industrial Services is raising £2m net from an open offer.
The one-for-four open offer is at 110p a share. The shares fell 12p to 121p each, which values Northbridge at £9.33m before the open offer shares are issued.
Directors and Plus-quoted Western Selection have committed to subscribe for 52.7% of the shares on offer. The directors are taking up their entitlements and Western Selection, which currently owns 19.8% of Northbridge, is also applying for shares above its entitlement. The open offer closes on 26 June.
The equipment rental and sales company’s core customer base are the oil and gas and power sectors. The cash will be used to buy more rental equipment. The Middle Eastern market is strengthening and Northbridge wants to increase its presence.
Rental revenues are running at high levels but the manufacturing business is not achieving the same volumes as in 2008.
Northbridge intends to replace Charles Stanley as nominated adviser and broker.
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