MJ Hudson Group PLC - London-based asset management consultancy - Launches conditional fundraise by way of an accelerated bookbuild via a conditional placing of at least 26.7 million new shares at 30 pence each to raise GBP8 million. Issue price is around 4% discount to the closing price on Tuesday. Cenkos Securities PLC is acting as bookrunner. Also launches conditional offer for subscription via PrimaryBid at the same price to raise an additional GBP1.5 million.
Will use proceeds to "accelerate growth strategy and leverage significant market opportunity". This will include investment in its environmental, social & governance business, improving its net debt position, and satisfying earn-out considerations for historical acquisitions.
"MJ Hudson has experienced a period of significant financial and operational progress, and we are delighted with the positive response we have now received, from both new and existing investors, for our plans to accelerate growth in our ESG business and to support the wider group," says Chair Geoff Miller.
Current stock price: 31.30p
12-month change: down 42%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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