20th Jun 2016 08:28
LONDON (Alliance News) - Italian public relations and communications agency SEC SpA on Monday tabled plans to float on AIM, while Hadrian's Wall Secured Investments Ltd began trading on London's Main Market.
SEC said it plans to raise EUR4.0 million to EUR6.0 million via a listing on AIM. UBS is acting as its financial adviser, while WH Ireland is the firm's nominated adviser. SEC did not provide any further financial details on the placing, nor when it expects to be admitted to trading.
For 2015, SEC said it made earnings before interest, taxation, depreciation and amortisation of EUR3.4 million, on revenue of more than EUR21.0 million.
The Milan-based firm has acquired stakes in a number of companies across Europe since its founding in 1989, with majority holdings in businesses in Italy, Belgium, Germany and Spain.
SEC said it intends to use the funds raised in the listing to pursue further acquisitions, recruit and retain key staff and to raise its profile within the industry.
"The decision to list on London's AIM market is down to two main reasons. The first is to further consolidate the international position of the network in a key market like the UK and the second to enhance our financial strength," said Cesare Valli, SEC's chief executive.
Separately, Hadrian's Wall Secured Investments Ltd started trading on London's Main Market, having raised GBP80 million in an initial placing and offer for subscription by issuing shares at 100.00 pence apiece. Shares in the company were flat in early dealings.
The company, which will invest primarily in UK commercial loans secured by assets such as equipment, plant and machinery, real estate and trade receivables, has letters of intent with originators of loans, including specialist lender Wellesley & Co, peer-to-peer lending platform Landbay Partners Ltd, and online platform FundingKnight.
The idea is to lend to smaller companies and fill a gap left by bigger lenders in the wake of the financial crisis of 2007-09. The letters of intent cover investment opportunities with a value of more than GBP500 million, according to Hadrian's Wall Secured Investments' prospectus.
By Sam Unsted; [email protected]; @SamUAtAlliance
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