26 May 2017 – placing

The group has announced that it is to raise approximately £3.74m in a placing of 3.19m shares at a price of 117p each.  The funds raised will be used to increase the group’s stake in its US based business CCM where it is a minority shareholder as well as investing in other parts of the business to increase capacity and accelerate organic growth.  To raise additional funds. the company has also announced that it is to suspend the next two dividend payments and will reconsider re-instating these in twelve months’ time.  Although long-term prospects remain encouraging, there seems little reason for the shares to do much in the short-term and we suggest readers TAKE PROFITS.