trending Market Intelligence /marketintelligence/en/news-insights/trending/Jgt-5lwlU60r4WdXk2_IOw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

City of London Group to raise £15.2M of capital

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible


City of London Group to raise £15.2M of capital

City of London Group PLC said it received commitments to raise £15.2 million in new funds through a capital raising to support the development of the company's lending business.

The group will raise the capital through the combination of an issue of 10,520,000 new ordinary shares of 2 pence each to new and existing shareholders at an issue price of 125 pence per share for gross subscription proceeds of £13.15 million, and the issue of £2.05 million of unlisted unsecured convertible loan notes.

Existing shareholders Max Barney Investments Ltd. and other parties acting in concert, as well as DV4 Ltd., have committed to subscribe for a total of 4 million new shares under the capital raising.

The convertible notes carry a coupon of 6% and are convertible at the holder's option in exchange for 1 new share for each £1.43 in outstanding principal and interest. Any notes not converted by holders will be mandatorily converted into new shares if and when City of London's Recognise Financial Services Ltd. unit agrees to individual capital guidance with the Prudential Regulation Authority as part of its application for a U.K. banking license.

AIM-listed City of London Group has about 29.3 million shares in issue.

Peel Hunt LLP is acting as adviser and broker for the group on the deal.