15th Nov 2024 10:24
Duke Capital Ltd - Guernsey-based provider of hybrid equity and debt capital to small and medium companies in Europe and North America - Raises GBP17.2 million from a placing and subscription of new shares, improved upon the minimum GBP15 million it set out to secure. Duke will issue 56.8 million new shares for the placing and 5.7 million for the subscription, both at 27.5 pence per share. Directors, including Chair Nigel Birrell and Chief Executive Officer Neil Johnson, subscribed for 2.9 million of the shares. Dukes hopes to raise up to an additional GBP3 million from a retail offering at the same price. It calls a general meeting for December 3 to approve the equity raise.
"With these funds, we will be positioned to continue supporting our partners with buy and build strategies, who have identified acquisitions at attractive [earnings] multiples," Johnson says.
Current stock price: 28.15p, down 6.2% in London on Friday for GBP120.7 million market capitalisation
12-month change: down 11%
By Tom Waite, Alliance News editor
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