AFH Financial Group has announced that it proposes to raise gross proceeds of up to £10m through the placing of new ordinary shares at 175p apiece.
The group said that chief executive Alan Hudson has agreed to sell up to 1,000,000 existing ordinary shares owned by him, at the placing price, to raise gross proceeds of up to £10m 1.75m, provided that excess demand for the placing exists.
The company said it had announced five acquisitions paying a combined £10m 2 million in initial cash consideration since the end of October and the board believed that the opportunity existed to acquire appropriately priced businesses.
It said the net proceeds of the placing would provide the company with a strong platform to finance such acquisition opportunities.
(LON:AFHP) AFH Financial Group Plc share price was -2.5p at 185p