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Pursuit Dynamics to raise £8m in placing |
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Written by Business Weekly
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Friday, 26 January 2007 |
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Huntingdon-based Pursuit Dynamics has announced the placing of almost 7m shares in order to raise £8m for the continued development of the company.
The firm's PDX technology is currently demonstrating its commercial viability within the food and beverage industry with a further three applications near commercialisation. The firm said that it has sufficient cash resources to allow it to begin to generate positive cash flows during the current financial year, but that it considers the additional funds generated by the placing to considerably strengthen its balance sheet, enhance its position with its customers and enable the firm to progress commercialisation programmes more rapidly. The company anticipates trading in the placing shares to commence on 15th of February. News of the placing caused a 5p lift in the firm's share price, rising 4.36 per cent to 119.75p. |
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