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(Alliance News) - E-banking and payments firm Equals Group PLC announced Friday it will undertake a GBP16 million discounted equity fundraise and open offer.
On Wednesday, Equals - known as FairFX Group PLC until late June - confirmed it was in "advanced stages" of a fundraise following press reports it was progressing such a plan.
On Friday, Equals said it intended to raise GBP14 million through the issue of 12.7 million shares at a price of 110 pence per share.
In addition, the firm intends to offer a further 1.8 million shares - raising GBP2.0 million - to existing shareholders on the same terms through an open offer. The open offer shares will be offered on a basis of one open offer share for every 90 shares currently held.
Shares in Equals were 0.4% lower at 109.56 pence in London on Friday, giving it a market capitalisation of GBP181 million. On Wednesday, shares in Equals had shed 5.6% following confirmation it was looking to undertake the discounted fundraise.
"We have been hugely encouraged by the level of support received from new and existing institutional shareholders," Equals Chief Executive Officer Ian Strafford-Taylor said.
"The group has evolved significantly in recent years with the growth of our corporate offering, strategic acquisitions, which have expanded our capabilities, and being granted settlement accounts with the Bank of England, which has given Equals access to the Faster Payments Scheme," Strafford-Taylor added. "At the same time, we have grown our loyal customer base, profitability and shareholder value."
"The new funds raised will enable us to accelerate our plans for our corporate offering, as we target new territories, and provide the means for further strategic acquisitions," Strafford-Taylor continued. "This is an exciting time for Equals and we look forward to updating shareholders on our progress in due course."
