(Alliance News) - Sanne Group PLC on Thursday said it completed a GBP79.5 million share placing after agreeing to buy STRAIT Capital Co Ltd.
The London-based asset manager sold 12.4 million shares, representing 8.4% of existing share capital, for 640 pence each. That was a discount of 4.2% to Wednesday's closing price of 668 pence, before the placing was announced.
Sanne said it will use the money to continue its acquisition strategy, which has now seen it buy 6 companies in the last 12 months. On Wednesday, it announced a deal to buy STRAIT, a Dallas-based private equity firm, for an initial USD32 million in cash and stock and up to USD13 million in performance-related add-ons. Sanne will issue a further 1.2 million shares to pay for the deal.
Shares in Sanne were down 0.6% to 663.94 pence in London.
By Ivan Edwards; ivanedwards@alliancenews.com
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