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(Alliance News) - Fletcher King PLC on Monday unveiled plans to raise GBP547,000 to help fund further growth, as the firm looks to raise its profile in the commercial property sector.
The London-based company, which provides asset management and property valuation services, place 1 million shares at a price of 52.5 pence each.
Shares spiked 10% in morning trading in London to reach 49.50p each.
The placing and sale shares will be bought by Elliott Bernerd, the founder of property development and investment group Chelsfield, giving him around a 30% stake in the business.
The close commercial tie with Bernerd is expected to bring Fletcher King benefits in the field of commercial property, the company noted. Bernerd will introduce to Fletcher King new projects and offer advisory work, it added.
"Subject to the placing and Financial Conduct Authority controller approval, my board and I are delighted to welcome Elliott Bernerd as a substantial shareholder in the company. It has been our wish for some time to have a significant shareholder who would help the expansion of our business and assist us in acquiring new clients and projects," said Chair David Fletcher.
By Will Paige; willpaige@alliancenews.com
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