Flotation nets 'delighted' Begbies £5m
Begbies Traynor has floated on the Alternative Investment Market today (Friday), raising £5.38m before expenses.
The UK’s biggest specialist insolvency and corporate recovery practice said it was ‘delighted’ with the result, despite having previously announced it expected to net up to £12m.
Market Capitalisation following the placing, at 40p per share, was put at £26m. By the middle of the day stocks were trading at 45p.
Ric Traynor, executive chairman, said: ‘We believe that our new status as the only publicly quoted insolvency and corporate rescue specialist will enhance our profile and help open the door to higher-value assignments.’
The flotation was originally pencilled in for July, but was rescheduled three times in order to accommodate the needs of key investors.
Traynor, who has a majority 55% stake in the company, is expected to net £14.3m.