Shore Capital is pleased to act as Joint Broker and Joint Bookrunner on the oversubscribed £8.3m placing for Begbies Traynor Group (the Group), the business recovery, financial advisory and property services consultancy.
The placing raised gross proceeds of £8.3 million through the issue of 11m new ordinary shares at a price of 75p per placing share.
This fundraise follows the Group’s announcement earlier this month of a strong financial performance for the year ended 30 April 2019, with revenue growth of 15 per cent, 23 per cent growth in adjusted earnings per share and a second consecutive year of dividend growth. During this year, the business both grew organically, and completed four acquisitions while reducing net debt, and enters the current financial year with positive momentum.
The Group has a strong track record of recent acquisitions and an identified pipeline of opportunities, and intends to use the net proceeds of the placing to fund acquisition opportunities.
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