20th Feb 2019 14:41
LONDON (Alliance News) - Specialist bank PCF Group PLC on Wednesday said it raised GBP10 million via the placing of 33.3 million shares at 30 pence each.
PCF shares were trading down 6.6% at 33.64 pence each.
The placing shares represent 15.6% of the company's issued share capital.
PCF announced the placing earlier on Wednesday. It will use the net proceeds of the placing to fund continued organic growth in vehicle and asset finance, support and grow the recently acquired Azule business and enable the group's new property bridging finance to grow beyond its initial pilot scheme.
Furthermore, PCF said it is making an open offer of shares for up to 2.5 million at same price, available to shareholders.
The open offer entails 1 shares for each 37 shares held.
Admission of the issued shares is expected to take place on March 11, following shareholders' approval at a general meeting of the company.
Panmure Gordon (UK) Ltd acted as nominated adviser and joint bookrunner, and Stockdale Securities Ltd as joint bookrunner, in connection with the placing.
Related Shares:
PCF.L