(Alliance News) - Ince Group PLC said Wednesday it intends to raise a total of GBP16 million through a placing, an open offer, and staff offer of shares, which will go towards reducing its debt and working capital purposes.
The legal and professional services company priced the placing at 45 pence per share, a 49% discount to its closing share price of 89p on Tuesday.
Shares in Ince - which is based in London - were 48% lower at 46.60 pence on Wednesday.
The placing - which will look to raise GBP12 million through the issue of 26.7 million shares - will be conducted via an accelerated bookbuild, for which Arden Partners will act as sole bookrunner, broker and nominated adviser for the placing.
The open offer will give qualifying shareholders the opportunity to subscribe for 4.4 million shares at the same price per share as the placing, on the basis of 1 open offer share for every 8.398 existing shares. The staff offer also is for 4.4 million shares at 45p each.
Proceeds from the placing will go towards reducing the amount of Ince's drawn down working capital facility, as well as general working capital purposes as expansion requires.
The fundraising is conditional on gaining shareholder approval at a general meeting on February 3.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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