Prestwick Holdings Plc, the Scottish printed circuit boards manufacturer is raising ?4.8m with an underwritten four-for-five rights issue at 24 pence a share against a price in the market of 27 pence, and is selling its loss-making Electroconnect subsidiary to management for ?1.65m. The moves form part of a refinancing package that should eliminate debt and are aimed at providing a foundation from which the core businesses can be developed. Prestwick forecasts a loss of no more than ?1.3m for the year to end-July; it says it has made significant progress and is now trading profitably. it says its financial position has been severely weakened by the losses of the last 18 months but has good core businesses, an able management team and is operating in markets enjoying strong growth.
