AFH Financial Group PLC, an independent financial advisory and discretionary wealth management firm, has raised £2.8m to fund its acquisition strategy.
It has received firm commitments to subscribe for ordinary shares of 10 pence each in the company and 8% unsecured bonds due 2020 for an aggregate total amount of £2.8m.
The proceeds of the equity issue and the bond issue will be used to provide additional working capital for the company and to finance potential future acquisitions.
Since AFH's June 2011 flotation the company has completed 14 acquisitions and adviser numbers have grown from 53 to 120.
The company paid a maiden dividend in May 2013 and remains debt free.
Commenting on the fundraising, Alan Hudson, chairman and chief executive of AFH, said: "Today's fundraising is a strong endorsement of the company's organic and acquisitive business strategy, executed against the background of a tight credit market.
"We are pleased to have received this strong level of support from the investment community and look forward to moving ahead with our strategy to become a leader within our field. AFH is well funded, debt free, dividend paying and perfectly positioned."
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