PRI Group has announced the successful Placing and publication of its admission document.
This relates to the forthcoming admission of its issued share capital to the Alternative Investment Market of the London Stock Exchange.
The new liability insurer announced that 122,2000,000 new Ordinary Shares have been placed with UK institutional investors at 107p per share. The Placing Shares will represent 94% of the enlarged issue share capital.
The amount of money raised by this move is in the region of £125m.
These funds will be used to support the group's underwriting capacity, satisfy FSA and rating agency requirements, and for general working capital.
The group said it will have a market capitalisation of £139m on Admission, and added that trading is expected to start on 26 June.
PRI has also agreed to acquire an FSA-authorised insurance company with the necessary licences for the group to commence trading immediately.
Chief executive Andreas Loucaides commented: "We are delighted with the interest shown in PRI by institutional investors during the marketing process.
"The funds raised will enable us to strengthen our relationships with brokers by delivering the highest quality products in a timely and cost effective manner. We intend to accept underwriting risks in the current year, which will take effect from 1 September 2002."
