Hunters Property has raised £1.32m through a placing of 2,400,000 new ordinary shares at 55p apiece to part fund its proposed acquisition of the franchising business and related assets of Besley Hill Franchising for £2.5m.
Hunters said it would pay £2.25m of the acquisition costs in cash with the remaining £0.25m being satisfied by the by the issue of 421,578 consideration shares at 59.301p apiece - the average of the closing mid-market price over the last completed working week.
Hunters said the consideration shares would be subject to a 12 month lock-in agreement.
Hunters said: "Besley Hill is one of the leading estate agents in Bristol and Gloucestershire with a successful history dating back to the 1970s.
"It currently operates from 15 offices across four counties in the South West of England.
"All these branches will come into the Hunters' network through their franchise agreements."
At 9:25am: (LON:HUNT) Hunters Property Plc share price was +0.26p at 58.63p