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AFH Financial raises £15M to finance acquisition strategy

AFH Financial Group PLC said it completed a £15 million fundraising through the placement of an aggregate of 4,054,055 new ordinary shares at 370 pence apiece.

The shares were sold through an accelerated bookbuild process, launched Oct. 16. An application will be made to the London Stock Exchange for the admission of the new shares to trading on the AIM market and dealings are expected to commence Oct. 19. Following the admission, AFH Financial will have a total of 41,982,311 shares of 10 pence each in issue.

The British wealth management and financial planning services provider, which has already purchased 16 businesses during the past 12 months for about £16 million in initial consideration, said the proceeds will be used to finance its selective acquisition strategy. The company added that it has a pipeline of potential acquisitions that are under negotiation and in due diligence.

Liberum Capital Ltd. is serving as the sole book runner on the placement.