26th Jul 2019 12:12
(Alliance News) - Begbies Traynor Group PLC on Friday said it has successfully raised GBP8.3 million through a 11.0 million share issue priced at 75 pence per share.
Shares in Begbies were down 2.7% at 75.90 pence shortly before mid day.
Canaccord Genuity Ltd and Shore Capital Stockbrokers Ltd acted as joint bookrunners for the placing, which will be used "to fund acquisition opportunities".
Begbies is a financial advisory, business recovery, and property services consultancy and made four acquisitions in the year to April 30.
The placing will took place via an accelerated bookbuild and the maximum number of placing shares is equivalent to 9.6% of the company's issued shares.
Begbies Executive Chair Ric Traynor said: "We recently reported another year of strong financial performance, in which we grew the business organically, and completed four acquisitions while reducing net debt. We are also encouraged that we have entered the new financial year with positive momentum and have a good pipeline of both organic and acquisition opportunities. The placing will allow us to meet investor demand for our shares, whilst accelerating a number of the opportunities that are available to the group, for the benefit of all shareholders."
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