News: PTB Ptb Group Says Co To Acquire Prime Turbines For Us$21 Mln

Jan 31 (Reuters) - PTB Group Ltd (PTB) :

• TO ACQUIRE PRIME TURBINES, AN ESTABLISHED US BASED MRO PROVIDER, FOR US$21 MILLION
• PTB GROUP ANNOUNCES ACQUISITION OF PRIME TURBINES AND EQUITY RAISING
• ANNOUNCES FULLY UNDERWRITTEN ONE FOR 2.35 NON-RENOUNCEABLE RIGHTS ISSUE TO RAISE $22.0 MILLION AT $0.69 PER SHARE.
• ACQUISITION WILL BE FUNDED BY A FIVE YEAR ZERO INTEREST AMORTISING LOAN FROM VENDOR
• ALSO ENTERED ARRANGEMENTS TO ACQUIRE PACKAGE OF INVENTORY FROM CT AEROSPACE LLC. PTB
• EXPECTS TO ISSUE ABOUT 50.6 MILLION NEW FULLY PAID ORDINARY SHARES UNDER PLACEMENT AT $0.69 PER SHARE
• DECLARED FULLY FRANKED CASH DIVIDEND OF 2.5 CENTS PER SHARE
• ALSO AGREED TO PURCHASE INVENTORY FOR CARRYING VALUE OF CT AEROSPACE ASSETS, EXPECTED TO BE US$8.5 MILLION AND CAPPED AT US$9.5 MILLION