27th Sep 2021 13:22
Norman Broadbent PLC - London-based recruitment firm - Raises GBP297,380 from subscription of 4.4 million new shares at 6.75 pence each, a 6.3% premium to the company's closing stock price on Friday. Four directors and three major shareholders take part in the subscription. Executive Chair Peter Searle subscribes for 322,569 shares, raising his stake to 3.7 million or 6.3%. Chief Executive Officer Kevin Davidson takes 223,636. This is his only holding, having joined the company earlier this month. Chief Financial Officer & Chief Operating Officer Steve Smith and Non-Executive Director Fiona McAnena each take 74,889 of the new shares. Ennismore Fund Management Ltd subscribes for 914,146 shares, raising its stake to 10.6 million shares, or 17.7%. Moulton Goodies Ltd takes 726,294 and now has 8.4 million shares, a 14.1% stake. Pierce Augustan Casey buys 643,094 shares for a 7.4 million share, or 12.3%, holding.
"Since joining Norman Broadbent three weeks ago, I have been incredibly impressed by the fundamentals of the business, notably, the quality and engagement of the entire team and the strength of the brand across diverse markets," says CEO Davidson. "This capital will enable us to accelerate our growth plans both domestically and internationally within executive search, interim management and our other supporting service lines."
Current stock price: 6.69p, up 5.3% on Monday for GBP4 million market capitalisation including the new shares
Year-to-date change: up 40%
By Tom Waite; [email protected]
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