AIM-listed claims specialist Aquilo plc has announced it will raise £2.6m to expand its inspection and reinstatement business.
The company will seek backing from shareholders of the placement at its extraordinary general meeting (EGM) on 15 January. The recapitalisation will be made up of proposed consolidation of existing shares, issue of warrants for new shares and conversion of loan notes into new ordinary shares.
Aquilo chief executive Clive Nicholls said: “We are very pleased that following the sale of the motor business, further investment from both existing and new institution investors as well as continued commitment from current finance partners, Aquilo plc has been able to totally reconstruct its finances.
"This is particularly important for the fast growing business of Aquilo Inspection & Reinstatement Services (AIRS) which has identified a very material market opportunity which will complement the more established businesses.”