LONDON (Alliance News) - Bob Diamond's Atlas Mara cash shell has failed to secure the additional USD400 million he was targeting for his African venture after some investors balked at the second fundraising in six months, the Financial Times reports Friday, citing two people familiar with the situation.
The setback comes as some investors hesitated over injecting significant amounts of money into what is still an illiquid stock, the FT said. Other investors, who did not participate in the current fundraising, added that Mr Diamond had demonstrated so far his M&A ability, but had yet to show he could make money running a bank in Africa, the newspaper added.
Atlas Mara secured USD325 milluion in December through an initial public offering on the London Stock Exchange, but is set to fall short of the USD400 million target set for the second fundraising, securing instead in excess of USD300 million, the FT quotes the people as saying.
http://www.ft.com/cms/s/0/21906f20-f2d2-11e3-85cd-00144feabdc0.html#axzz34X5lfZUR
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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