Arden Partners Plc raised gross proceeds of about £5.1 million from the placing of 12,750,000 new ordinary shares at 40 pence per share through an accelerated book building.
The placing price represents a premium of approximately 1.3% on Arden Partners' closing share price June 9. The new shares will represent approximately 39.6% of Arden Partners' enlarged issued share capital on admission, which is slated to take place at 8 a.m. London time June 30.
Board directors Luke Johnson, James Reed-Daunter, Stephen Wassell and Donald Brown conditionally subscribed for 9.80%, 1.57%, 0.29% and 1.57%, respectively, of the placing shares. Completion of the placing is subject to shareholder approval at a June 29 general meeting.
Arden Partners also announced that the appointment of Brown as CEO has received regulatory approvals.