7th Oct 2022 11:04
(Alliance News) - Ince Group PLC on Friday announced that it has agreed a direct subscription with corporate investor, Beckington Ltd, for a total of 19.0 million new ordinary shares.
The London-based group, which provides legal, accounting, financial, consulting and pensions advice services, said they had been agreed at an issue price of 5 pence per share.
Ince shares were trading 8.3% higher at 4.82p each in London on Friday morning.
Ince said the subscription was driven by investor demand, further to the subscription made on September 1 from Beckington Ltd for 3.4 million shares at the issue price.
Beckington is a subsidiary of Knox D'Arcy Investments Ltd.
It was not possible to make a larger investment at that time, as Ince had reached the limit of its allotment authorities, which were subsequently renewed at its annual general meeting on September 30.
The issue price is equal to the price at which the recent placing and open offer, announced on July 28, were undertaken. The net proceeds from the subscription will also be applied in the same way as the net proceeds of the July placing.
Ince said it will make an application for the 19.0 million new shares to be admitted to trading on AIM, and expects this to take place on or around October 13.
Upon admission, Beckington will have a total shareholding in the company of 26.2 million ordinary shares, approximately 9.9% of Ince's issued share capital.
By Holly Beveridge; [email protected]
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