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Shore Capital Announcement - £18.2m Equity Placing
2006-11-30
£18.2m Equity Placing to Fund Further Growth
Shore Capital Group plc, the investment bank focused on equity capital markets and alternative asset class funds, today announces that it is raising approximately £18.2 million in new equity.
27,150,794 new shares ("Placing Shares") have been placed at 67p per share with institutional and other investors. This represents a 2.9% discount to the market price at the time of the placing. The net proceeds of the placing will be used to provide additional working capital for the Group to support its further growth.
The Placing Shares will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions hereafter declared, made or paid.
Dealings in the Placing Shares are expected to commence on 5 December 2006. The Placing Shares represent approximately 9 per cent of the issued share capital of the Company as enlarged by the Placing.
Howard Shore, Executive Chairman, commented: "We are delighted with the support from both existing and new investors in this fund raising. The business continues to perform strongly and the success of the placing demonstrates investor confidence in the Group. The proceeds will allow Shore Capital to continue to build on our rapid growth to date across our diverse income streams of equity capital markets, principal finance and alternative asset management."
Regulatory Framework and Disclaimer
Shore Capital Stockbrokers Limited is a member of the London Stock Exchange and is regulated by the Financial Services Authority ("FSA").
Shore Capital Limited and Shore Capital and Corporate Limited are regulated by the FSA.
The information on this website about Shore Capital Limited plc ("the Company") is derived from sources considered reliable but no warranty, expressed or implied, by the Company, its directors or employees is given as to its accuracy or completeness. No reliance should be placed on this information in any decision to acquire or dispose of shares in Shore Capital Limited plc or any investment referred to herein. Potential investors in the Company's shares are recommended to take advice before dealing from an authorised professional investment adviser or stockbroker.
The services described on this website are available solely subject to the terms and conditions of a client engagement agreement which will represent the whole agreement between any Shore Capital company and the client. The description on the website is to provide a preliminary overview and cannot be relied upon as the basis of any contractual obligation. No investment advice is offered on this site and none should be construed as being offered. Past performance is not necessarily a guide to the future and share and unit prices can go down as well as up.
Where links have been provided to other websites this has been done solely for our users' convenience, without giving any express or implied guarantee, endorsement or recommendation by Shore Capital Limited plc. Shore Capital Limited plc has no responsibility for the content of such websites and cannot accept any liability in this respect. Use of these links implies acceptance of this condition.
Whilst we seek to keep this website up-to-date, the information displayed is subject to change without notice.