24th Jan 2019 10:42
LONDON (Alliance News) - Gordon Dadds Group PLC on Thursday said it plans to raise a minimum of GBP10.0 million via the placing of shares at no less than 140.00 pence each.
Shares in the legal and financial services firm were trading down 22% at 147.50p each.
The placing will be conducted as an accelerated bookbuild process. The minimum price of 140p represents a 26% discount to the company's closing price on Wednesday.
Assuming a placing of GBP10 million at 140.00p, the new shares will represent approximately 25% of the group's issued share capital following admission.
The company will use the placing proceeds to "take swift advantage" of opportunities in the legal and professional services sectors.
Arden Partners PLC is acting as nominated adviser, sole bookrunner and broker to the company.