Mortgage Advice Bureau Holdings PLC - Derby, England-based mortgage advice provider - Raises GBP40 million through a placing of 3.8 million shares at a price of 1,050 pence each.
Proceeds from the placing will go towards partly funding the acquisition of The Fluent Money Group Ltd.
On Monday, MAB announced the purchase of a 75% equity stake in Fluent Money, as well as a put and call option to pick up the remaining 25% interest after six years subject to performance criteria.
The company will acquire the company for for an enterprise value of GBP95 million on a cash free, debt free basis.
Current stock price: 1,127.50 pence
12-month change: down 2.0%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Mortgage Advice Bureau (MAB1)