IN BRIEF: Caledonian plans fundraise to support investee AlbaCo
Caledonian Holdings PLC - investment company focused on financial services - Intends to raise additional funds to enable a further investment in AlbaCo Ltd, an investee which on Wednesday received a UK banking license on the condition that it raises at least GBP25 million. AlbaCo received the authorisation from the Prudential Regulatory Authority, alongside the UK Financial Conduct Authority. This regulatory amount will meet the bank's requirements and buffers for at least the next 12 months, as determined by AlbaCo in its projected business plan, Caledonian explains. AlbaCo is set to become Scotland's first bank dedicated exclusively to lending to small and medium-sized enterprises, the company adds. Caledonian currently holds a 3.65% stake in AlbaCo. The firm must make its investment commitment to AlbaCo by mid-September, and so sets a general meeting to obtain shareholder approval for the fundraise for September 12. The proposed fundraising and potential further investment into AlbaCo will be conditional on AlbaCo raising the minimum amount of GBP25 million. Further details regarding the fundraise amount and issue price are yet to be determined, Caledonian says. Read More