27th May 2015 15:57
LONDON (Alliance News) - European Wealth Group Ltd Wednesday said it has raised GBP2 million through the placing of 2.5 million shares at a price of 80 pence each.
The company said the proceeds will be used to invest in its growth strategy through acquiring high quality businesses, increase the level and reach of market activities through smaller bolt-on acquisitions and the recruitment of experienced generating staff, and to strengthen the balance sheet.
The 2.5 million shares represent approximately 11.3% of the company's issued share capital.
"I am delighted to announce the latest phase in European Wealth's growth strategy. The combined fundraising, introducing new and highly supportive institutional investors into our already strong shareholder base, together with our strategic acquisition of ISM Solutions, is evidence of the robust strategy of the European Wealth Group and the manner in which it is viewed by the outside world. The developments announced today give us the opportunity to move forward with our growth objectives both through acquisition and organic expansion," Chairman John Morton said in a statement.
Shares in European Wealth closed down 3.4% at 85.50 pence on Wednesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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