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(Alliance News) - Fletcher King PLC raised GBP547,276 from placing 1.0 million shares at 52.5 pence each on Monday to CM Strategic 613 Ltd.
The London-based company, which provides asset management and property valuation services, said earlier Monday the placing will help raise its profile in the commercial property sector.
Fletcher King was trading 13% higher in London on Monday afternoon at 51.00p.
The placing and sale shares were bought by Elliott Bernerd, the founder of property development and investment group Chelsfield, giving him around a 29.9% stake in the business. The placing requires approval by the UK Financial Conduct Authority.
Fletcher's three largest shareholders, District & Urban Group, David Fletcher and LowerLand Ltd, all agreed to sell part of their stake.
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 and Paul McGowan; paulmcgowan@alliancenews.com
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