11th Mar 2021 17:48
Begbies Traynor Group PLC - Manchester-based corporate restructuring specialist - Agrees to acquire insolvency practice David Rubin & Partners for up to GBP25 million on cash free and debt free basis.
Will pay initial consideration of GBP12 million, funding by shares and deferred consideration is GBP13 million, subject to the business's financial performance over up to five years.
Initial consideration will be satisfied by raising of GBP10 million through vendor placing of 9.5 million shares at a price of 105.50 pence each, and GBP2 million through the issue of 1.9 million shares at a price of 105.10p each.
Begbies is looking to raise GBP22 million through vendor placing and cash placing and PrimaryBid offer of GBP12 million. Details of cash placing to be disclosed at the end of bookbuild run by Canaccord Genuity and Shore Capital.
Proceeds from cash placing will go towards funding an existing pipeline of opportunities and general corporate purposes.
Current stock price: 104.75 pence
Year-to-date change: up 13%
By Dayo Laniyan; [email protected]
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