12th Feb 2015 07:51
LONDON (Alliance News) - First Derivatives PLC Thursday said it has conditionally placed 1.18 million new shares at a price of GBP13 per share, raising around GBP15.3 million, funds the company said it will use to accelerate its fast data offering, as it eyes partnerships and acquisitions.
The software and consulting services provider placed the shares with both new and existing institutional investors. The company's shares last traded at GBP12.80 per share.
It said the placing was undertaken by Charles Stanley Securities and Goodbody to satisfy strong investor demand, after the company announced last October that it had increased its shareholding in Kx Systems Inc.
First Derivatives said the estimated net proceeds of the placing is around GBP14.7 million, given the company flexibility to pursue additional growth opportunities it has identified.
"The funds raised through this placing will be used to strengthen our market share in capital markets and to facilitate entry into new verticals through partnerships, acquisitions and the acceleration of our product roadmap," the company said in its statement.
"The company confirms that trading for the year to 28 February 2015 remains in line with market expectations," it added.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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