Over 200,000 shares distributed to network members.

Aim-listed broker Cobra has announced the allotment of over 200,000 new shares to its members.

In a statement to the stock exchange, Cobra said it had issued 208,430 shares at a price of 90p each, equating to a total of £187,587.

The shares are part of the network's profit share arrangements from business written last year.

The statement said: "Cobra operates a network of independent insurance brokers, most of which were entitled to a profit share from business written in 2007.

"They were offered the option of receiving part of this profit share in Cobra shares rather than cash, leading to the allotment referred to above."

Cobra said it expected the issue to be effective as of tomorrow. Following admission, the broker will have 40,423,216 ordinary shares of 25p each in issue.

The company also announced the it would reveal its results for the 15 month period, ended 31 March, in September.