An "opportunistic" placing is being considered because the company wants to give itself extra room for manoeuvre because its cash position is expected to get tight in the middle of next year, the source said.

Ceramic does not want to carry out a rights issue and can therefore only raise up to 10 million pounds , or up to 15 percent of its market size, because otherwise it will have to seek shareholder approval under Australian listing rules.

The dual-listed firm , based in Melbourne, wants to avoid that, the source said. 20 7542 5331; Reuters Messaging: chris.wills.reuters.com@reuters.net))