APQ Global says capital increase could raise between £20m and £25m

AIM-listed emerging markets growth company APQ Global said on Thursday that it could raise up to £25m if it went ahead with a capital raising to increase the size of the company.

The company, which had announced on Tuesday that it was exploring options for the capital raise, said it deemed the issue of convertible unsecured loan stock (CULS) to be the most attractive option.

"The board believes that there may be interest from potential investors in an issue of CULS to raise approximately £20-25m which would carry a circa 3% annual coupon (payable quarterly) with a potential seven-year term, and which would have quarterly conversion rights at a 20% premium to book value per share (as at the issue date)."

APQ said it would limit the amount of CULS or other long-term debt which may be incurred by the company to appropriate levels.

Further details will be announced in due course if it decides to proceed with the issue.

At 1025 BST, the shares were up 3.4% to 108p.