IFA raising £1.62m for acquisitions war chest
BROMSGROVE-based IFA AFH Financial has received firm commitments to subscribe to a shares issue which will raise £1.62m.
The money will be used for additional working capital for the company and to finance potential future acquisitions.
It has received commitments to subscribe for a total of 1,157,854 ordinary shares of 10 pence each in the company at a price of 140p per share.
The proceeds amount to £1.62m before expenses.
Of the ordinary shares to be issued in the Subscription, 507,855 have been allotted and will be admitted to trading on the ISDX Growth Market today, while the remaining sharers will be allotted and admitted to trading on the ISDX Growth Market on Monday.
Earlier this week AFH announced it had seen profit before tax rise by 250% to £1.05m while revenues were up by 50% to £10.8m.
In its results for the year ended October 31, the Bromsgrove firm showed a strong balance sheet with net assets of £7.3m, an increase of 78%.
