XCAP raises £500k in placing

XCAP Securities, the small, listed wealth management and capital markets broker, has raised £525,000 in a shares placing.

The Wilmslow-based firm, which also has a London office, has issued 175 million new shares at 0.3p.

It said the placing has been undertaken following the significant interest shown by “certain key new staff members” to take a stake in the business on joining as well as introducing new institutional investors.

The net proceeds of the placing will be used for general working capital and to further progress its goal of growing its capital markets capability in market making, corporate finance and broking, beefing-up its equity and institutional sales team, and increasing the volume of its assets under management.

XCAP said non executive director Kenneth West, had subscribed for 8.33 million shares in the placing and now holds 9.68m shares, or 0.55% of its issued share capital.

Chief executive Nitin Parekh said: “It is encouraging to have such significant and rapid support from the new team members as well as new quality institutional investors.

“To have that support so soon from experienced and high profile City professionals demonstrates that our strategy of continuing to build a complete financial services group for growth businesses and their key management whilst ensuring service levels of the highest quality is the correct one.”