AFH releases details of £3m fundraising
WORCESTERSHIRE IFA AFH Financial has published details of its latest fundraising initiative.
The company, which moved up to the Alternative Investment Market (AIM) earlier this year, is planning to issue up to £3m of unsecured loan notes.
Details of the issue are outlined in a new information memorandum issued by the AFH board.
AFH said the notes would pay a coupon of 7.5% per annum with a redemption date of December 12, 2018. For every £1,000 of notes subscribed for the noteholder will receive warrants to subscribe, on redemption of the notes, for 200 new ordinary shares in the company at a price of £2 each.
Preliminary applications for the notes need to be received by 5pm on December 12 and the company said it anticipated the notes would be issued thereafter.
The board said applications beyond December 12 would be accepted at the discretion of directors.
The fundraising will enable the company to continue its expansion – a growth it has underlined since its move to AIM in the summer by funding a series of acquisitions.
The latest came in September when the Bromsgrove group acquired the assets of Northampton-based Hindsight Financial Services Ltd in a deal worth more £281,250. It was the company’s third acquisition since moving its listing to AIM in June.
