This offer is available to existing Share holders and Copies of the Offer Circular and the Application Forms are available to download.
The Board anticipates that a significant portion of the Group's existing funds will be required for completion of a new manufacturing facility, together with existing research and development commitments.
The Group has a track record of increasing research and development expenditure in order to develop new products and solutions to take advantage of growing opportunities across its target markets.
The net proceeds of the Placing and offer, together with the Group's existing cash resources, will be used to support and further advance the future growth and development of the Group in the following way.
Accelerating existing development programmes and projects for new products, including simulator development, new specialised lab and track testing equipment and growth areas such as autonomous vehicles and virtual vehicle testing.
Further investing in technical and commercial centres in Japan, Korea, Germany and the US. The Board believe these centres will provide the Group greater control over the Group's routes to market and will facilitate deeper relationships with its customers.
Continued investment in additional facilities. The Group has purchased land adjacent to its new manufacturing facility in order to build an approximately 20,000 square feet factory dedicated to the Group's simulator business. With the benefit of the Placing proceeds, the Board expect that this building, which will cost approximately £2.2 million, will now be operational in mid-2018, some 18 months earlier than expected.
Finally for general working capital purposes.
Further details and announcements concerning the company's recent placing and open offer can be found on the Investor section of this website, under the "RNS recent announcement Tab".