30 July 2010 – acquisition/placing
The group has announced the acquisition of Hartest Holdings, a company in which it had an existing holding of 23.2%. To help fund the acquisition, the company has placed 15.525m shares at 20p to raise just over £3.1m before expenses. It is believed that the acquisition is an excellent fit whilst the larger entity will be more attractive to a wider range of investors. Hartest’s principal activity is the manufacture and sale of precision instrumentation and medical equipment. This purchase is good news for the group and any share price weakness in the aftermath of the placing will provide readers with an excellent opportunity to pick up stock. The shares are a BUY.