Autins Group PLC said Friday that it plans to raise 3 million pounds ($4 million) through a placing, with the proceeds to be used to provide a market recovery buffer as the automotive market recovers from semi-conductor supply issues, and for working capital.
The London-listed insulation-solutions provider will place shares at 20 pence each. The placing price represents a discount of 22% to the closing share price on Thursday of 25.5 pence.
Shares at 1539 GMT were down 3.50 pence, or 14%, at 22 pence.