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LONDON (Alliance News) - The Innovation Group PLC Wednesday said it has received valid acceptances for 87.0 million open offer shares, representing 82.9% of the open offer shares available under the open offer announced last month.
On February 21, the company said it planned to raise GBP67 million in a placing of 209.4 million new shares at 32 pence each, money it will use to fund the acquisition of LAS Claims Management as well as future opportunities.
The software and outsourcing services firm said 104.5 million new shares were placed with institutional and other investors and are not subject to clawback.
The company said Wednesday that following the 87.0 million valid acceptances received from qualifying shareholders under the open offer, 17.9 million open offer shares, representing the remaining 17.1% of open offer shares, will be subscribed for by placees procured by Investec.
The placing and open offer remains conditional upon resolutions, to be put to the general meeting on Thursday, being passed.
The fund raising proceeds will partly fund the GBP35 million cash acquisition of LAS Claims Management, a deal it announced in February, as well as to give the group the flexibility to pursue an additional bolt on acquisition in the Motor sector, which it said remains in very early stage discussions.
The stock closed at 34.75 pence Wednesday, down 0.50 pence or 1.4%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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