Listed independent financial adviser firm and discretionary wealth manager AFH has raised a further £500,000 to fund potential advisory acquisitions, adding to a £2.8m fundraising that was undertaken in August.
The latest raising exercise saw 418,410 shares of 10 pence each in the company issued, which were all purchased at a price of 119.5 pence each by a pair of private investors that have backed the company since its initial listing in 2011.
P Mobberley Carpenters - owned by Phillip and Lynn Mobberley - acquired 489,041 shares at the time of AFH’s listing. After this latest issue and including the other rounds of investing, the pair hold 1.9m ordinary shares in the company, representing 11.1 per cent of the firm’s share capital.
In August, AFH raised £2.8m through a mixture of new equity and corporate bond issuance, which it said it would devote in large to making acquisitions.
Under the equity issue, the company sold 1.9m ordinary 10 pence shares at a price of 109 pence per share, raising a total of £2.1m gross of expenses. Under the bond issue, the company listed £752,000 worth of 8 per cent corporate bonds.
The bonds were admitted to trading on the ISDX Growth Market on 16 September.
Since AFH’s June 2011 flotation the company has completed 14 acquisitions and adviser numbers have grown from 53 to 120. The company said it paid a maiden dividend in May 2013 and remains debt free, it said in a statement.
