LONDON (Alliance News) - Insurance services provider Charles Taylor PLC on Thursday said it successfully placed 6.8 million shares raising GBP17.6 million which will enable it to fund a new acquisition.
The new shares have been placed at a price of 260.00 pence per share and they represent 9.6% of its issued share capital.
Shares were up 3.5% on Thursday at 270.00p each.
Admission of the shares on the London Stock Exchange main market is expected on May 8. The company announced the placing of the shares early on Thursday.
David Marock, chief executive, said: "It [the placing of new shares] will enable us to complete the acquisition of Inworx and drive forward the development of Charles Taylor InsureTech which aims to become a global insurance technology player, and has secured major, multi-year technology contracts in recent months."
The company announced earlier Thursday it is to buy the Inworx group of companies for an initial USD22.5 million that could rise to a total of USD50.5 million based on performance-related deferred payments.
The acquisition was conditional on the successful completion of the share placing.
Inworx is an insurance-focused technology consultancy and software provider to the insurance market operating in 15 countries in Latin America, Charles Taylor said.
Charles Taylor shares were up 4.3% at 272.12 pence on Thursday.