Advanced Computer Software raises funds for acquistions
Advanced Computer Software is placing 55m new ordinary shares to raise funds for the acquisition of businesses.
The provider of healthcare and business management software said it intends to raise up to £44m through the placement of shares at a price of 80p each with both new and existing institutional shareholders by Arden Partners plc and N+1 Singer Advisory LLP.
As initial estimated £28.5m-worth of shares has been conditionally placed using existing shareholder permissions. The remaining £15.5m has been conditionally placed, subject to the passing of the necessary resolutions by shareholders at a general meeting.
The placement comes as the group works to land potential acquisitions.
“I have identified numerous complementary large and small businesses to acquire on varying time frames,” said Vin Murria, Advanced Chief Executive Officer.
“These additional funds, with our existing cash and bank facility, provide us with the additional resources, financial flexibility and capability to secure those acquisitions, as part of our growth strategy, more quickly and efficiently.”
Shares soared 6.10% to 87.00p at 11:07 Friday.