14th Aug 2019 11:14
(Alliance News) - E-banking and payments firm Equals Group PLC confirmed Wednesday it was in "advanced stages" of undertaking a GBP16 million discounted equity fundraise and open offer in order to fund growth.
Equals - known as FairFX Group PLC until late June - was responding to unspecified press reports of a looming fundraise.
On Wednesday, Equals confirmed the share placing was in the "advanced stages" with the plan being to raise GBP14 million at a price of 110 pence per share. In addition, the firm intends to offer a further GBP2.0 million to existing shareholders on the same terms in an open offer.
Shares in Equals were 5.6% lower at 110.00 pence in London on Wednesday, giving it a market capitalisation of GBP183 million.
Equals said the funds raised would be used to "accelerate organic growth and to fund potential acquisitions" with a further announcement to be made in due course.
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