Share issue gives Ultimate Finance a £1m boost
By Grant Collinson
30 January 2012
UK leasing broker Ultimate Finance Group has
raised £1m through a share placing on the Alternative Investment
Market (AIM), London Stock Exchange’s small business listing.
Just over 7.46m ordinary shares were issued
during the share placing on Friday 27 January at 13.4 pence per
ordinary share, a discount of slightly over 5% on the closing
price of the previous day.
The placing, which was over-subscribed, was
undertaken to strengthen the SME lender’s balance sheet and reduce
the group’s gearing ratio, according to
a company statement.
Current non-executive directors, Roger
McDowell and Matthew Cooper, increased their stake in Ultimate
Finance to 2.61% and 1.63% respectively, with the acquisition of
additional shares during the placing.
Switzerland-based hedge fund Helium Special
Situations Fund also increased its share in the company to 22.09%
of the enlarged share capital with the purchase of 1.36m ordinary
shares.
Jeremy Coombes, co-founder and chief executive
of Ultimate Finance, said: “We are delighted with the level of
support received from both new and existing shareholders. The
placing strengthens the balance sheet and supports our future
growth strategy.”
The move follows the likes of Secure Trust
Bank, parent of Moneyway,
which secured £25m in capital investment since opening on the
AIM.
grant.collinson@vrlfinancialnews.com