Optare plc formed as takeover complete
Earlier the Darwen Group had amended the terms of its share placing in conjunction with the acquisition of Jamesstan Investments which had previously acquired Optare.
Darwen had originally proposed issuing 40 million shares at 40p each and then revised the offer to 53.3million shares at 30p each.
Under both plans the aim is to raise £16million.
As part of the placing, chairman Roy Stanley has subscribed for 2 million shares.
The company will have a market capitalisation of approximately £33.1million.
The previous Darwen Group website, showing double- and single-deck bus models has gone from the web, and keying in the old Darwen website address leads direct to the Optare website.
This has been updated to include the former East Lancs Olympus and Esteem models. The website says that the Optare group employs 830 people and has a £90million turnover.