Cap Z bought over half the shares issued and now owns 43% of the broker
Jelf has successfully had £19m worth of shares bought up by investors and appointed a private equity partner as non-executive director.
The West Country broker placed the shares on Monday morning through Cenkos Securities. The decision to tap the stock market for cash was finally approved at the board’s general meeting last Friday.
Jelf will use the fresh capital to trim debt, make acquisitions, improve organic growth and strengthen cashflow.
The board took up 1.3 million of the 53 million shares placed. The firm is now worth £36m on the stock market.
US firm Capital Z snapped up more than half the shares issued, while also buying out rival 3i’s 27% stake. Cap Z now owns 43% of the firm, although its voting rights are well below that figure.
Private equity partner Jonathan Kelly from Cap Z has been appointed as a non-executive director.
Jelf group chief executive Alex Alway commented: “I am delighted to welcome Jonathan to the board and look forward to working with him.”
Kelly has worked for Cap Z since 1998, prior to which he spent 10 years in the investment banking group of Donaldson, Lufkin & Jenrette.
No comments yet