(Alliance News) - Alpha FX Group PLC said Tuesday it has raised GBP20 million through a placing, which will go towards acquiring new clients and investing in new markets including Canada and the Netherlands.
The foreign exchange risk management and payment services provider issued 2.7 million shares at a price of 680 pence each, through an accelerated bookbuild for which Liberum Capital acted as sole bookrunner.
Shares in Alpha FX were 16% higher at 805.00 pence on Tuesday in London.
"It's fantastic to see the support from new and existing shareholders as well as employees and Directors who have participated in this raise. These are difficult times for everyone, however it is pleasing to see our own confidence in this business reflected through so many others. Moving forward, we have bolstered our cash position, and having invested for many years in diversifying our product offering, technology and markets, I am confident we can continue to provide our clients with a leading offering in this space," said Chief Executive Officer Morgan Tillbrook.
Following the placing, Alpha FX now has 40.1 million shares issued overall.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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