LONDON (Alliance News) - Bliby PLC, a holding company established to provide a platform for strategic acquisitions in the gas heating and general building services industries, is trading up 8.6% after its admission to trading on AIM Friday.
It has raised GBP2.5 million through the placing of new shares at 58 pence per share, giving the company a market capitalisation of GBP17.0 million.
Shares in Bilby are trading up 8.6% at 63 pence Friday morning.
Bilby said its strong cash generation means it can confirm it will pay a maiden final dividend for the financial period to end-March.
Prior to its admission to AIM Bilby acquired P&R Installation Co Ltd through a share-for-share exchange.
P&R already provides gas maintenance installation and building maintenance services to housing associations and local authorities across London and the South East, and is now the first operating subsidiary of Bilby.
At admission, founder and Executive Deputy Chairman Phil Copolo has retained a 52% interest in the company, after a placing to raise an additional GBP1.6 million.
"Bilby's funding and admission to AIM provide the company with a fantastic platform to take advantage of the significant market opportunity in the London and the South East that is driven by strict government regulations," Copolo said in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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