22nd Jul 2021 15:06
AssetCo PLC - Asset and wealth manager based in Monmouthshire, Wales - Says it intends to raise GBP25 million through an accelerated bookbuild, including around 1.7 million shares priced at 1,450 pence each. Notes that the placing shares represent around 26% of the company's existing issued share capital. Says Numis Securities Ltd is acting as the company's financial adviser and sole bookrunner for the bookbuild, while Arden Partners PLC is acting as nominated adviser and broker. Adds that a number of company directors intend to participate in the placing.
Plans to use the net proceeds to fund the acquisition of a majority interest in exchange traded fund issuer Rize ETF Ltd and any further acquisition opportunities. Says it plans to buy a 63% stake in Rize from J&E Davy Holdings. Adds that the acquisition consideration is GBP16.5 million to be paid in cash, plus a further GBP5.3 million to expand Rize's business.
Current stock price: 1,750.00p, down 15% on Thursday afternoon
Year-to-date change: up sharply from 411.00p
By Scarlett Butler; [email protected]
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