Specialised engineering services company LogiCamms Ltd
(ASX:LCM) is to raise $10 million to acquire MPA Consulting Engineers and fund growth opportunities.
The company says it plans to raise the $10 million through the issue of up to 12.5 million shares at an issue price of 80 cents per share to institutional and sophisticated investor clients of Hartley’s Ltd.
LogiCamms says the funds raised will be used to pay the cash component of the recently announced acquisition of MPA Consulting Engineers.
Managing Director Adam Keats the company is pleased with the response to the capital raising and the introduction to the register of some of Australia’s leading institutional investors.
Mr Keats says the funds will enable the company to complete its acquisition of MPA and provide the company with capacity to pursue further growth opportunities on the back of a strengthened balance sheet.
LogiCamms posted a profit for fiscal 2009.
