Placings of over 2 million new shares to raise £3m
CBG Group (CBG), the Manchester broker, today announced that it is proposing to raise £3m to finance a number of potential acquisitions.
Shares have been conditonally placed with institutional investors at 141 pence per share. The placings have not been underwritten.
Laurie Turnbull, chairman of CBG Group, said: "We are delighted to have secured further funding from a number of institutions. As well as expanding our shareholder base, the new monies will help us to continue to drive the business further forward.”
She added: “We have a proven acquisition strategy and very much look forward to taking advantage of further consolidation in the market.
"We aim to continue growing rapidly through a combination of selective acquisitions and also organic growth from existing operations, principally through cross-selling across the group's trading divisions."
The placing price represented a discount of 1.% to the closing mid-market price of the ordinary shares on 11 June.
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