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Pinewood Technologies Group PLC - Birmingham-based provider of software to the automotive retailing sector - Agrees to buy the outstanding 91% of Seez, an automotive AI & ML SaaS platform, that it does not already own for £33.3 million. Around £22.8 million is to be paid in cash to certain sellers, £3.9 million on completion and £6.6 million via a share issue. The acquisition is expected to be significantly earnings accretive by financial 2026, the first full year under Pinewood’s ownership. Chief Executive Bill Berman says: ‘Since making our strategic investment in Seez in September 2024, we have made strong progress together and the full acquisition of the business is a compelling opportunity to build on this early success.’ Pinewood plans an equity fundraise of up to 11.3 million shares, by way of a cash placing to institutional investors, a separate retail offer raising gross proceeds of not more than £6.6 million and direct subscriptions to the company of £1.7 million. The placing is being conducted through an accelerated bookbuild process which will determine the price and number of shares offered. Together, the total number of offer shares will not exceed 13% of the current issued ordinary share capital. Jefferies International Ltd and Joh Berenberg, Gossler & Co KG, are acting as joint global co-ordinators and joint bookrunners in connection with the placing. Augmented Reality Concepts LLC, doing business as Impel AI, has indicated their intention to subscribe directly from the company at the offer price. Andrew Kabrit, chief product officer and co-founder of Seez has also indicated his intention to subscribe directly for around £477,000 new shares. Current stock price: 336.00 pence 12-month change: down 53% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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