Aerospace parts manufacturer to raise £15m in flotation
A Burnley headquartered aerospace products manufacturer has said it expects to raise £14.4m when it floats on the AIM market later this week.
Velocity Composites, which has a turnover of around £15m, operates from a 26,000 sq ft facility at AMS Technology Park in Burnley, as well as having a base at Fareham in Hampshire.
The placing comprises 12,270,739 new and 4,705,885 existing ordinary shares at 85p each to raise gross proceeds of £14.4m, giving it a market capitalisation of £30.4m.
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