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MDM’s £4.4m AIM move
A minerals process and project management services provider to the mining industry is poised for growth after a £4.4 million flotation on AIM.
MDM Engineering, which was established in November 2006, specialises in preliminary and final feasibility studies as well as plant design, construction and commissioning for the mining industry.
The group, which serves junior and mid-tier mining business with operations in Africa, placed 3.45 million new common shares at 145p each. The IPO has valued the group at £54.3 million and was managed by nominated adviser and broker Numis Securities.
Chief executive Grant Lowman said: “We are positive about the opportunity that exists in Africa’s burgeoning natural resources industry and believe that an AIM listing and the proceeds of the placing will significantly help to achieve our long-term goals in an expanding market.”
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