Ince Group PLC - London-based legal, accounting, financial services, consulting and pensions advice services, formerly known as Gordon Dadds - Raises GBP7.5 million from the placing of 150.0 million new shares at 5p. The placing, run by Arden Partners PLC on Thursday, was conducted at a 58% discount to Wednesday's close. Ince sealed its acquisition of Arden in April. The new shares represent 63% of Ince's enlarged capital. Total fund raise is GBP9.1 million, including a GBP1.6 million new bank loan.
The cash will be used partly to implement a cost rationalisation programme. Back in May, Ince warned that revenue fell short of expectations in the final quarter of the financial year that ended March 31 and so pretax profit for the year also would miss market expectations. It blamed Covid-19, the Ukraine conflict, and a cyber attack on its IT systems. Calls general meeting for August 15 to approve the fund raise.
Current stock price: 5.44 pence on Friday in London
12-month change: down 92%
By Tom Waite; thomaslwaite@alliancenews.com
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