Canaccord Genuity acts as Nominated Adviser, Sole Bookrunner and Sole Broker to Saietta Group plc on its £23 million Placing
Canaccord Genuity’s Corporate Broking team is pleased toannounce it has acted as Nominated Adviser, Sole Bookrunner and Sole Broker on a £23 million Placing for Saietta Group plc (“Saietta” or the “Company”). The Placing is conditional upon approval at the general meeting in mid-August 2022.
Saietta is a multi-national business which designs, engineers and manufactures complete Light-duty and Heavy-duty e-drive systems for electric vehicles on land from scooters to buses aswell as marine applications. Alongside the announcement of the Placing, the Company also announced its largest ever contract to date, signing a Joint Commercialisation and Development Agreement (“JCDA”) with large Tier 1 US automotive heavy duty component supplier, Consolidated Metco, Inc. ("ConMet"). ConMet, a subsidiary of Amsted Industries, is a major global manufacturer and supplier of commercial automotive components to customers including Ford, Volvo and Daimler.
The net proceeds of the Placing will be used towards progressing and capitalising on the key new JCDA with ConMet; increasing production within the Company's Marine Division in line with anticipated demand; accelerating the development of inhouse software and power electronics for integration into AFT e-drive systems; and scaling up of the joint venture with Padmini VNA in India in line with indicative customer demand.