Former chairman set to bail out AIT Group
Struggling UK IT solutions provider AIT Group has received a refinancing proposal from a group of investors led by Richard Hicks, the founder and former chairman of the company.
The deal would see a combination of US venture capitalists Bessemer Venture Partners, several local private investors and Richard Hicks inject at least £8.5m of new equity finance into the group.
AIT’s short-term future and position as an independent company would be secure provided that another £11m is raised through a rights issue, which would be underwritten by Old Mutual Securities, and bring total funds raised to £19.5m.
The FTSE-listed company would also move its listing to AIM as part of the deal, so as to benefit from tax advantages available to individual investors.
Richard Hicks currently serves as a non-exec director for AIT.