25th Sep 2019 14:20
(Alliance News) - Luxury travel firm Intosol Holdings PLC on Wednesday said it has engaged a new strategic advisor to help the firm carry out a number of corporate transactions.
CIC Capital Ltd will help the firm appoint a new market maker to subscribe for GBP1.2 million shares off-market in Intosol. This market maker would then distribute these onto the stock exchanges on which Intosol is listed to help share distribution.
Intosol is listed in both the London and Paris exchanges. Shares were 10% lower on Wednesday in London at 36.00 pence each.
Further, CIC will market Intosol's shares in the hope the firm can raise GBP1.5 million on the market. Intosol hopes CIC can also help it raise capital without shareholder dilution.
CIC will also help Intosol change its reporting regulator to the Commission du Surveillance du Secteur Financier in Luxembourg, from the UK's Financial Conduct Authority, as the firm's management and offices are on mainland Europe.
Intosol Executive Chair Rainer Spekowius commented: "We are delighted to welcome CIC Capital to the team as we look to execute our growth strategy, build out our boutique property portfolio and broaden the company's shareholder base.
"They have agreed to support us through a number of corporate actions and investment initiatives which we believe will allow us to execute our strategy and importantly, the effect of a market maker and sophisticated investor syndicate, should provide for an increase in the company's free float, facilitating improved liquidity in tradable common shares."
"Furthermore, the above market making strategy is aimed at boosting our share trading and distribution volumes whilst maintaining an orderly market. Our business continues to improve, and I look forward to updating the market on developments in due course," Spekowius added.
By George Collard; [email protected]
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