AFH Financial Group Plc Loan note issue to raise £1.9 million (8338Z)
2014年12月16日 - 4:00PM
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RNS Number : 8338Z
AFH Financial Group Plc
16 December 2014
16 December 2014
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
Unsecured loan note issue raises an initial GBP1.9 million for
AFH to accelerate its growth
Issue of unsecured loan notes
The Board of AFH, a leading financial planning led investment
management firm, is pleased to announce that, further to the
announcement of 1 December 2014, the Company has received
applications from investors by the first closing date for
approximately GBP1.9 million of unsecured loan notes (the "Notes")
and indications of further applications to be received through
SIPPs in January 2015. The Directors have agreed to exercise their
discretion to accept these applications up until 31 January 2015 to
allow these investors to participate.
The Notes pay a coupon of 7.5 per cent. per annum and have a
redemption date of 12 December 2018. For every GBP1,000 of Notes
subscribed for the Noteholder will receive warrants to subscribe,
on redemption of the Notes, for 200 new ordinary shares in the
Company at a price of GBP2.00 per new ordinary share. As a result
of the applications received, the Company will issue warrants to
the Noteholders to subscribe for 375,000 new ordinary shares in the
Company. Further details of the terms of the Notes are set out in
the information memorandum published by the Company on 1 December
2014, a copy of which will be available shortly on the Company's
website (www.afhfinancialgroup.com).
The Notes and the warrants are expected to be issued by 19
December 2014 following receipt of cleared funds from the
Noteholders.
Use of proceeds
The proceeds from the issue of the Notes will be used by AFH for
general corporate purposes, in particular in pursuit of its stated
strategy of continuing to grow its business through strategic
acquisitions outside of its traditional core geographical
locations.
Commenting on today's statement, Alan Hudson, AFH's CEO, said:
"We are delighted to have raised GBP1.9 million from the first
tranche with further investment in the bonds expected in January.
The funds will be utilised to accelerate AFH's stated strategy of
acquisitive growth. Selective acquisitions include both small and
medium sized IFA businesses that are located outside of AFH's
traditional core geographical locations and seeking the benefits of
being part of a larger organisation. With increasing funds under
management AFH remains well-placed on becoming a leading UK
financial planning-led wealth manager.
Our ability to raise additional funding through the issue of
these Notes will facilitate the board's ability to enhance earnings
attributable to shareholders from future acquisitions whilst
maintaining gearing, all of which is unsecured, at a conservative
level.
We look forward to continuing to deliver a strong operating
performance and expect to announce the Company's consolidated
audited results for the year ended 31 October 2014 during March
2015."
Enquiries:
AFH Financial Group PLC 01527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Allenby Capital Limited 020 3328 5656
(Nominated Adviser and Broker)
Nick Naylor
Chris Crawford
Nick Athanas
Yellow Jersey PR Limited 07768 537 739
Dominic Barretto
Kelsey Traynor
This information is provided by RNS
The company news service from the London Stock Exchange
END
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