Ace to raise up to £4.85m

Property investment company Ace Liberty and Stone is seeking to raise up to £4,850,000, gross, through an open offer of convertible loan notes and warrants.

The offer was subject to subscription of a minimum of £2m convertible notes which has been achieved by commitments by major shareholders of £3.01m.

If the offer is not fully subscribed, each qualifying shareholder will be entitled to apply for additional notes under an excess application facility.

The company said it had enjoyed substantial growth during the last five years and the proceeds would be used to continue to build its portfolio of properties with good rental income, sound covenants and potential for capital value increases.