14th Jun 2019 10:03
(Alliance News) - Augmentum Fintech PLC said Friday it is hoping to raise GBP30 million through a share placing and subscription to provide firepower for more investments in the UK fintech sector.
The venture capital firm will issue the new shares at 112 pence per share. On Friday morning, shares in Augmentum Fintech were up 0.4% at 113.40p each.
At March 31, the company's net asset value per share stood at 109.6p.
"There is a significant opportunity for fintech businesses in the UK and wider Europe. We are uniquely positioned to take advantage of this and our previously stated ambition is for a much more substantial fund over time; expected to come from a combination of underlying net asset value growth and the introduction of new capital," said Chair Neil England.
This initial issue, which is part of a 12 month-long share issuance programme, will see 26.8 million new shares offered for placing and subscription.
Augmentum said it reserves the right the increase the size of the initial placing to 44.6 million shares, which could result in gross proceeds of GBP50 million being raised.
The results of the issue are expected on July 2.
This initial offer is part of programme to issue up to 150 million new ordinary or C shares in the firm.
England added: "We have successfully delivered on our investment strategy following our IPO last year and now that the company is substantially fully committed, the board believes the time is right to raise further funds. This will enable us to take advantage of some interesting opportunities in our identified pipeline."
Fidante Partners Europe Ltd and Peel Hunt LLP are acting a joint sponsors and joint bookrunners to the company.
Related Shares:
Augmentum Fint.