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Ince Group PLC on Thursday said it has raised more than its original target in a share placing, which it launched to fund its core legal services business.
The London-based legal services company has closed the bookbuild for the placing, and noted that while its recently-announced REX retail offer was not part of the fundraise, it was conditional upon its completion.
Before expenses, Ince raised £4.7 million, which was considerably more than its original £250,000 target.
The company sold 78.8 million shares in placing, and 167,985 in the retail offer, both at 6 pence per share and at a premium of 5%.
Chief Executive Officer David Brown’s holding remains unchanged at 20.7 million shares, but this now represent a 5.6% stake.
‘Following this successful fundraise we will continue to progress our re-focused strategy and seize the increasing opportunities for growth and cost rationalisation within the business. I’m delighted with the results this strategy has already delivered in such a short time and look forward to what more can be achieved in the future’, said CEO Brown.
Ince shares were trading 5.3% higher at 6.11p each in London on Thursday morning.
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