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Torotrak plc to acquire remaining 80 pct stake in Flybrid and to place shares

Friday, 13 Dec 2013 02:00am EST 

Torotrak plc:Says it has entered into an acquisition agreement to acquire, subject to the shareholder approval, the remaining 80 percent of the issued ordinary shares in Flybrid for a maximum consideration of up to 23.0 million pounds, of which 15.0 million pounds is subject to performance targets.Says the integration of Flybrid and Torotrak provides the platform for a joint development and launch of M-KERS as the company continues to take greater control of routes to market for its technology.Says it has conditionally raised funds of 16.0 million pounds (before expenses) by way of an equity fundraising of an aggregate of 88,888,888 new ordinary shares at an issue price of 18 pence per share.Says the issue will comprise a Firm Placing, a Placing and Open Offer and a Subscription by Allison Transmission, Inc. 

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