Last checked at 
(Alliance News) - Arbuthnot Banking Group PLC on Friday said it has raised GBP12.0 million through a placing and subscription of shares.
The London-based bank said the shares were priced at 925 pence each. This represents a 3.4% discount to the closing price of 957.5p on Thursday, being the last day before this announcement.
Arbuthnot's shares closed up 2.0% to 977.00 pence each in London on Friday.
The fundraise includes a conditional agreement with Chair & Chief Executive Officer Henry Angest. Angest has agreed to subscribe for 729,843 shares at the placing price, to raise GBP6.8 million. Angest is now interested in 9.1 million shares, a 56.26% stake.
It also includes a conditional placing to raise about GBP5.3 million through the issue of 567,454 shares.
Arbuthnot said the fundraising proceeds will be used to help the company maintain its current loan growth momentum in 2023 and beyond. It will also strengthen the company's ability to take advantage of the opportunities that are expected to emerge given the current conditions in the non-bank lending markets despite the increase in the countercyclical capital buffer in July 2023 from 1% to 2%.
By Sophie Rose, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
