LISTED engineer RCR Tomlinson has reached an in-principle agreement with Hartleys to raise 12 million shares at 59 cents a share to raise about $7 million to Hartleys’ institutional and retail clients.
In addition to the placement, RCR will undertake a non-renounceable, one for 10 rights issue at 57 cents a share to raise about $3.3 million. That issue has been fully underwritten by Hartleys.
RCR managing director John Linden told the ASX the raising’s proceeds would fund its acquisitions of Laser and Allied and reduce the company’s debt following the acquisition of Stelform Engineering.