Equals looks to raise ?16.0m to fund acquisitions

(Sharecast News) - E-banking and international payments group Equals confirmed it was looking to raise £16.0m as it looks to make further acquisitions in the business payments market.
Equals will place 12.72m new ordinary shares at an issue price of 110.0p each in order to raise £14.0m before fees and expenses.

In addition to the placing, Equals will provide shareholder who did not take part in the placing with the opportunity to subscribe for a further 1.83m shares at the issue price so it can raise up a further £2m.

Chief executive Ian Strafford-Taylor said: "We have been hugely encouraged by the level of support received from new and existing institutional shareholders.

"The new funds raised will enable us to accelerate our plans for our corporate offering, as we target new territories, and provide the means for further strategic acquisitions."

As of 0945 BST, Equals shares had picked up 0.64% to 110.70p.