AFH Financial Group today raised £15m by issuing new shares to continue its acquisition strategy.
The oversubscribed issue follows November 2017’s issue, which raised £16.8m net, and sold out in hours despite the current volatile market conditions.
AFH chief executive Alan Hudson said:
“That we have yet again raised such a significant amount is a clear sign of the confidence the market has in our strategy and the long-term sustainability of our business model.
“We’re pleased and grateful for the continued support of our existing shareholders and happy to welcome some significant new institutional partners. We now have shareholders from New Zealand, Holland and Germany, as well as UK and US fund management groups.”
The group, which has made 16 acquisitions so far this financial year, would continue to look for more acquisitions, Alan confirmed.
“We said last November that we intended to spend the money we raised on acquiring businesses, and we’ve spent more than 90%, with a very healthy pipeline of forthcoming projects. And we remain on the look-out for potential acquisitions of all sizes, from retiring IFAs to multi-adviser and multi-office businesses, in every region of the UK.”
The group, which currently has around £4.5bn funds under management, has more than 220 financial advisers, supported by 340 investment, research and administrative staff at its headquarters near Birmingham.
“We’ve had a very successful year so far and following the success of today’s placing we’re looking forward to Q4 and beyond with huge enthusiasm and positivity.”
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