Expansion boosts Volex
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.SHARES in Volex, the electrical products maker, rose 24p to 440p yesterday after it announced a pounds 17.5m rights issue and a pounds 3.1m acquisition in pursuit of its expansion plans, writes Topaz Amoore.
Volex also issued a favourable profits forecast of not less than pounds 7.25m for the year ending March 1993, against pounds 3.68m in 1992. The final dividend will be maintained at 10.5p net per share.
The acquisition of Component Manufacturing Services, a US manufacturer of moulded cable assemblies, comes three months after Volex paid pounds 6.5m for a 60 per cent stake in Mayor, a Singapore-based manufacturer of data and power cord assemblies.
Alastair Defriez, of SG Warburg, which has underwritten the one-for-four rights issue at a price of 345p per share, said the jump in the share price reflected a 'belated realisation' of Volex's strengths.
The company plans to put the money left over from the acquisition into capital expenditure to promote organic growth.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments