5th Mar 2020 13:42
(Alliance News) - Abal Group PLC on Thursday announced plans to re-list in London, as it looks to raise cash for an acquisition in the financial technology space.
Abal shares were suspended from AIM last August after the cash shell failed to make an acquisition in the required time frame. Shares were then cancelled six months later, in February.
However, Abal has now lined up the acquisition of fintech firm Supply@Me. A deal was first agreed last September, but it has not yet been completed.
Milan-based Supply@Me has an "inventory monetisation" platform, and Abal said it has originated EUR972 million of prospective contracts as of Wednesday.
Abal is to place 331.6 million shares new shares at a price of 0.6756 pence each, raising GBP2.2 million, which will be used for Supply@Me and for working capital.
A further 5.91 billion shares were placed in a vendor placing, worth GBP39.9 million.
Abal Chair Simon Charles said: "I am pleased that at long last we are putting proposals to shareholders for an exciting acquisition. We are very enthused by the growth prospects for Supply@ME. It has an impressive fintech platform and management team who have designed an inventory monetisation chain which we believe could transform the market.
"By providing innovative proprietary solutions it is tackling growing working capital constraints which have traditionally been impacted by the difficulties in tracking & monitoring inventory. As such, we believe there is huge growth potential for the business."
Abal hopes to list on the Main Market in London on March 23. It will have a market capitalisation of approximately GBP227.5 million, Abal added.
By George Collard; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.