Bristol-based factoring group Ultimate Finance has raised about £1m before expenses following a successful placing to strengthen its balance sheet and reduce its gearing ratio.
The placing, which was over subscribed, involves the issue of 7,462,040 ordinary shares of 5p each at a price of 13.4p – a discount of 5.13% to the closing mid-market price of 14.125p on January 26, the last dealing day prior to the announcement of the placing. The new shares will represent about 13% of the enlarged share capital.
"We are delighted with the level of support received from both new and existing shareholders," said co-founder and chief executive Jeremy Coombes. Mr Coombes back chief executive last month following the surprise departure of Richard Pepler, Ultimate’s former chief executive and co-founder.
Ultimate specialises in finance for SMEs across the UK and also has offices in Manchester, Tunbridge Wells and Birmingham.
