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(Alliance News) - Pawnbroker H&T Group PLC on Tuesday confirmed it has raised GBP6.0 million in a placing announced on Monday.
H&T did not give any pricing details on Monday and has now revealed 1.9 million shares were placed at 316 pence each, the same as the stock's closing price on Monday. Shares were 3.0% higher on Tuesday morning in London at 325.37p.
The funds will be used to buy 65 trading stores and another 29 pledge books from The Money Shop, the trading name for Instant Cash Loans Ltd and TM Sutton Ltd, for GBP10.6 million in total.
H&T will be funding the investment with the fundraise and existing banking facilities.
"This is an important acquisition to continue our growth in the alternative credit sector and to establish H&T as one of the UK's leading providers of financial services," said Chief Executive John Nichols on Monday.
"These new stores fill geographical gaps in our UK coverage not only from a high street presence but assists our digital fulfilment of our product range," he added.