(Alliance News) - Ince Group PLC on Wednesday said it has completed the share bookbuild to raise GBP12 million, issuing 26.7 million shares at 45 pence per share.
The GBP12 million placing - which was announced earlier on Wednesday - was conducted as part of the company's plan to raise GBP16 million to reduce outstanding on the company's working capital facility and for general working capital purposes.
Ince separately intends to raise up to GBP2 million through a share open offer and an additional GBP2 million via a staff share offer.
The open offer will give qualifying shareholders the opportunity to subscribe for 4.4 million shares at the same price per share as the share 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.
The placing price represented a 49% discount to the closing price on Tuesday of 88p per share. Shares in the legal and professional services company were down 46% at 48.50p each on Wednesday in London.
Chief Executive Adrian Biles, Non-Executive Chair Anthony Edwards and Chief Financial Officer Christopher Yates participated in the placing.
Biles subscribed for 3.3 million placing shares bringing his total shareholding to 15% of the company's issued share capital. Edward subscribed for 44,44 share bringing his total shareholding to 0.1%. Yates subscribed for 111,111 shares bringing his total interest to 0.9%.
Following the admission of the placing shares, the company's working share capital will be comprised of at least 64 million shares.
The fundraising is conditional on gaining shareholder approval at a general meeting on February 3.
By Dayo Laniyan and Ife Taiwo
dayolaniyan@alliancenews.com; ifetaiwo@alliancenews.com
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