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GTE (LSE:GTE) - placing demonstrates there is life on the secondary AIM market

08/05/2009 · Gas Turbine Efficiency (GTE) 

Gas Turbine Efficiency, the AIM quoted provider of proprietary cleantech systems for enhancing the performance of industrial and aviation turbines, announced the raising of £7m at 24 pence per share (current price 28p). In the current small cap climate this represents quite a vote of confidence in this small AIM industrial group, although it also results in quite a large dilution with the raising representing c28% of the enlarged share capital.

The net proceeds of the Placing will be applied to accelerating the Group’s growth in four principal areas:-

(a) Supporting physical European and Middle Eastern expansion
The Group is expanding its Swedish facility by three-fold to meet increased demand from Pratt & Whitney as well as handling new combustion and industrial product lines.

(b) Adaptation of the Group’s products for new turbine customers

(c) Accelerating selected development programmes for specific customers

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