28th May 2015 08:39
LONDON (Alliance News) - Financial planning and investment management company AFH Financial Group PLC on Thursday said it has raised GBP750,000 via a share placing to back its acquisition strategy and provide working capital.
AFH has issued 535,716 shares at 140 pence per share. Shares in AFH were down 1.4% to 143.00 pence on Thursday morning.
Separately, AFH said it has completed the purchase of Independent Financial Services (UK) Ltd but, due to the size of the deal and regulatory requirements, the acquisition will not be immediately integrated into the business and will be operated as a separate entity for the rest of the financial year to the end of October.
AFH will incur the existing cost base of IFS, as a result, and expects to book one-off restructuring and integration costs of GBP0.5 million this year. Revenue will remain in line with its expectations.
By Sam Unsted; [email protected]; @SamUAtAlliance
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