LONDON (Alliance News) - Sanne Group PLC on Thursday said it has secured 71% valid acceptances for the open offer launched alongside a firm placing to back the acquisition of International Financial Services Ltd and IFS Trustees.
Sanne agreed to buy the IFS businesses in November for USD127.3 million.
Sanne, which provides corporate and fund administration services, said IFS is a Mauritius-based fund administration business which provides a range of products and services to manage and administer offshore structures.
To back the deal, Sanne said it would raise GBP94.5 million via an open offer. It issued 11.6 million shares via the firm placing, at 490.00 pence per share, and offered up to 7.7 million shares in the open offer.
On Thursday, Sanne said it secured valid acceptances for 5.5 million of the open offer shares, or 71% of the total offered.
Shares in Sanne were down 0.2% at 624.04 pence at the open on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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