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Distribution Finance Capital Holdings PLC - Manchester-based bank providing personal savings products - Announces placing of 72.7 million shares at a price of 55 pence per share to raise GBP40.0 million. Says proceeds from the placing will be used to accelerate its business plan and loan book growth. Notes this will be done through unlocking significant and current pipeline demand, providing larger facilities to select customers, and removing the current GBP270 million constraint on the loan book to support one of up to GBP550 million.
"We have a proven track record of highly secured lending and have navigated the impact of Covid-19 well. Our working capital products are in demand and we see additional near-term opportunities to provide funding to dealers and manufacturers to support their needs. The placing announced today will help us accelerate our business plan and unlock potential further growth opportunities, bringing forward our run-rate profitability," says Chief Executive Carl D'Ammassa.
Current stock price: 63.99 pence, down 9.9% on Friday, for GBP71.4 million market capitalisation
Year-to-date change: flat
By Zoe Wickens; zoewickens@alliancenews.com
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