(Alliance News) - Ince Group PLC on Monday said it has received 4.5 million valid acceptances and excess applications from its shareholders and members of staff pursuant to the open and staff offers.
As a result, the AIM-listed legal and professional services company said it has conditionally raised GBP2.0 million via these offers, taking the total amount raised to GBP14.0 million.
The open and staff offers follow the GBP12 million placing, announced in mid-January, to reduce outstanding on the company's working capital facility and for general working capital purposes.
Following the admission, Ince said it will have 68.5 million shares overall.
The stock closed flat in London on Monday at 44.80 pence a share, giving Ince a market capitalisation of GBP18.7 million.
"I am delighted that our colleagues across the group have applied for over GBP1 million of shares in the staff offer, showing their support and commitment. We are also delighted that a large number of our existing shareholders have also applied to increase their holdings," said Ince Chief Executive Adrian Biles.
Biles has subscribed for 3.3 million shares in the placing, jointly with his father John Biles, Ince said. Upon completion of the fundraising, Biles will hold 11% of the enlarged issued share capital.
In addition, Ince said Non-Executive Chair Anthony Edwards subscribed for 44,444 shares and Chief Financial Officer subscribed for 444,444 shares.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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