LONDON (Alliance News) - CareTech Holdings PLC said Friday it has raised GBP21.0 million through the placing of 10 million shares at 210 pence each, which it will use for a number of investment projects and potential bolt-on acquisitions it has identified over the next year.
Shares in CareTech are trading up 7.8% at 220.00 pence Friday morning.
The social care services provider said it had initially set out to raise GBP15.0 million, but the size of the fund-raising was increased due to strong demand levels.
The placing was conducted by Panmure Gordon & Co PLC and WH Ireland Group PLC.
"We are particularly excited about extending our geographical coverage in the UK and, through working closely with care commissioners, to further extending our range of services," said Executive Chairman Farouq Sheikh in a statement.
The company added that its trading performance in the year to date is in line with its expectations.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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WHIreland (WHI)