AFH Financial Group to raise £10m to fund acquisitions
(ShareCast News) - Investment manager AFH Financial Group is to raise up to £10m in order to fund acquisition opportunities and for general working purposes.
The company will raise the funds through a share placing of 175p per share, and if there is excess demand, chief executive Alan Hudson has agreed to sell up to 1m existing shares owned by him to raise about £1.75m.
The new shares are expected to be admitted to trade on AIM on 11 April.
AFH aims to use the capital raised to finance acquisition opportunities to build on the six acquisitions the company has announced since last October.
The company has four potential deals in the pipeline and is assessing other potential transactions to accelerate growth.
Shares in AFH Financial Group were down 1.33% to 185p 0943 GMT.