(Correcting name of CEO to Donald from David)
(Alliance News) - Ince Group PLC on Thursday said it has raised more than its original target in a share placing, which it launched to fund its core legal services business.
The London-based legal services company has closed the bookbuild for the placing, and noted that while its recently-announced REX retail offer was not part of the fundraise, it was conditional upon its completion.
Before expenses, Ince raised GBP4.7 million, which was considerably more than its original GBP250,000 target.
The company sold 78.8 million shares in placing, and 167,985 in the retail offer, both at 6 pence per share and at a premium of 5%.
Chief Executive Officer Donald Brown's holding remains unchanged at 20.7 million shares, but this now represent a 5.6% stake.
"Following this successful fundraise we will continue to progress our re-focused strategy and seize the increasing opportunities for growth and cost rationalisation within the business. I'm delighted with the results this strategy has already delivered in such a short time and look forward to what more can be achieved in the future", said CEO Brown.
Ince shares were trading 0.8% higher at 6.30p each in London on Friday afternoon.
By Holly Beveridge; hollybeveridge@alliancenews.com
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