28th Jul 2015 10:37
LONDON (Alliance News) - City of London Group PLC Tuesday said the minimum value of its share subscription has moved closer to the GBP6 million total that it wants to raise.
The investment company, which primarily concerns itself with lending to smaller businesses, said the minimum subscription value will increase to about GBP5.0 million, a result of a new subscription by the Helium Special Situations Fund for 3.3 million shares at 30 pence each to raise GBP999,900.
The Helium Special Situations Fund, which was launched on July 31 2016, tends to invest in micro cap companies listed in the UK.
City of London Group's capital raising requires shareholder approval.
City of London Group is looking to move to London's junior market, AIM, from the London Main Market.
The company's shares were up 4.1% at 25.50 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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