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  • BY: Andrew Hore |
  • POSTED: 22/01/2010 |

Bus manufacturer Optare has received its first order financed by the government’s Green Bus Fund.

The first orders for Optare’s Solo EV Zero emission bus are from Durham County Council. There should be more to come.

This means Optare needs cash for working capital.

Optare has raised £2.17m net at 6p a share. That was the same as today’s opening price. They have risen to 6.375p each, which values the existing share capital at £14.8m. Chairman John Fickling, chief executive Jim Sumner and finance director Mike Dunn all subscribed for shares.

A further 39.7m warrants exercisable at 6p a share have also been issued.

Optare will retain its existing bank facilities.

There is no news about the potential bid for Optare but investors mush be reasonably sure that it will be more than 6p a share or they would not be willing to buy shares at that price.

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