AssetCo PLC - Asset and wealth manager based in Monmouthshire, Wales - Reports completion of oversubscribed placing, raising GBP25 million, with 1.7 million shares priced at 1,450 pence each. Notes that the placing shares represent around 26% of the company's existing issued share capital. Says Numis Securities Ltd acted as the company's financial adviser and sole bookrunner for the bookbuild, while Arden Partners PLC is acting as nominated adviser and broker.
The company plans to use the net proceeds to fund the acquisition of a majority interest in exchange traded fund issuer Rize ETF Ltd and any further acquisition opportunities. AssetCo will buy a 63% stake in Rize from J&E Davy Holdings. Adds that the acquisition consideration is GBP16.5 million to be paid in cash, plus a further GBP5.3 million to expand Rize's business.
Current stock price: 1,780.00p, closed down 13% on Thursday
Year-to-date change: up sharply from 411.00p
By Scarlett Butler; scarlettbutler@alliancenews.com
Updated by Evelina Grecenko; evelinagrecenko@alliancenews.com
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Assetco (ASTO)