TIDMAFHP
RNS Number : 0536K
AFH Financial Group Plc
23 December 2015
23 December 2015
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
Result of General Meeting
and
Successful GBP6.37 million Fundraising Completed
The Board of AFH, a leading financial planning led investment
management firm, is pleased to announce that at its General Meeting
held today all of the Resolutions were duly passed.
On 9 December 2015, AFH announced proposals to raise gross
proceeds of up to GBP6.50 million by way of a Placing of 2,727,273
new Ordinary Shares and a Subscription of up to 1,212,121 new
Ordinary Shares (together the "Fundraising") at a Placing Price of
165 pence per new Ordinary Share. The Placing was conditional upon,
inter alia, the passing of the Resolutions at the General
Meeting.
The Company is pleased to confirm that it has raised gross
proceeds of GBP6.37 million through the Placing and Subscription
comprising the issue of 2,727,273 Placing Shares and 1,134,229
Subscription Shares at the Placing Price. It is proposed that the
net proceeds of the Fundraising, estimated to be GBP6.16 million,
will be applied by the Company to fund the purchase of further IFA
companies and the working capital requirements of the enlarged
organisation. The Company has a portfolio of acquisition
opportunities that the Board is keen to take advantage of during
2016.
Alan Hudson, Chief Executive Officer of the Company, said: "We
are delighted to welcome our new shareholders on board, including
the River and Mercantile UK Micro Cap Investment Company and
Octopus Investments, and we would like thank our existing
shareholders for their continued support. We look forward to 2016
with optimism, following another strong year of performance across
the Company."
Interests of Significant Shareholders and Directors
Insofar as the Company is aware, the issue of the New Ordinary
Shares will result in the following changes to the shareholding
interests of the Company's Significant Shareholders and
Directors:
On Admission
--------------------------
Significant Shareholder/Director Number Percentage
of Ordinary of Issued
Shares Share
held Capital
Alan Hudson
(Chief Executive
Officer) 7,555,700 31.43%
Philip Mobberley* 2,967,919 12.35%
Paul Connor** 2,700,000 11.23%
River and Mercantile
UK Micro Cap Investment
Company
John Wheatley 1,200,000 4.99%
(Non-Executive 227,121 0.94%
Chairman)
Paul Wright (Finance 35,000 0.14%
Director)
Mark Chambers 19,904 0.08%
(Non-Executive
Director)
Austin Broad 15,000 0.06%
(Executive Director)
*Includes 816,347 Ordinary Shares held by Lynne Karen Mobberley
(Philip Mobberley's wife) and 489,041 Ordinary Shares held by P
Mobberley Carpenters Limited (a company whose voting rights are 50
per cent. held by Philip Mobberley and 50 per cent. held by Lynne
Karen Mobberley).
** 700,000 of the Ordinary Shares, representing the shares
subscribed for in the Subscription, will be held by Carol Connor,
the wife of Paul Connor.
Related party transaction
Paul Connor currently has a beneficial interest in 2,000,000
Ordinary Shares representing 9.91% of the current issued share
capital. Carol Connor, Paul Connor's wife, has subscribed for
700,000 Subscription Shares at the Placing Price. Paul Connor has
been a substantial shareholder within the past 12 months and as a
consequence the subscription by Carol Connor in the Subscription
constitutes a related party transaction under the AIM Rules for
Companies. The Directors of the Company, having consulted with
Allenby Capital Limited, the Company's Nominated Adviser, consider
that Carol Connor's participation in the Subscription is fair and
reasonable insofar as shareholders are concerned.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for
3,861,502 New Ordinary Shares (comprising 2,727,273 Placing Shares
and 1,134,229 Subscription Shares) to be admitted to trading on
AIM. It is expected that Admission will occur at 8.00 a.m. on 30
December 2015.
The enlarged issued share capital of the Company following the
issue of the Placing Shares and the Subscription Shares shall be
24,036,378 Ordinary Shares with voting rights. The Company does not
hold any Ordinary Shares in treasury. Following Admission the above
figure of 24,036,378 Ordinary Shares may be used by shareholders in
the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
change to their interest in, the share capital of the Company under
the Disclosure and Transparency Rules.
Defined terms used in this announcement not otherwise defined
shall have the same meaning as those terms defined and used in the
Circular.
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
Aidan Stanley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 23, 2015 07:17 ET (12:17 GMT)
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