Nov 17th 2010 - Edison Investment Research today published a report on Eco City Vehicles (ECV.L, LSE:ECV, LON:ECV) entitled "Share Placing/acquisition". In summary, the report says:
ECV has announced the placing of 32.2m new ordinary shares at 4.75p, to raise £1.53m gross. It is also planning to lift its stake in One80 (which owns the IP rights for the rear wheel steer [RWS] technology used on the conversion of the Vito taxi) from 33% to 59%, for a consideration of approximately £1.3m, comprising £0.64m cash and 12.8m new ordinary shares.
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