Wealth management firm Ashcourt Rowan has today (5 December) launched on the Alternative Investment Market of the London Stock Exchange, confirming that 18m new ordinary shares have been admitted to trading.
In a statement to the market made last month (November), Ashcourt Rowan said it would use the £8.5m share placing to make “considerable investments” in its people, processes and proposition.
The move will be seen as a huge shareholder endorsement for Jonathan Polin, new chief executive, and his plans for the business in the next three to five years. The capital raising has been driven by Mr Polin, who joined the business in September.
He said the company was “extremely well positioned” to take advantage of the opportunities in the wealth management sector and that he was committed to ensuring the business reaches its full potential.
The placing sees Jonathan Polin, chief executive of Ashcourt Rowan, take a 0.74 per cent stake in the business. Directors Kenneth West, Neil Hale, Jeremy Rance and Ranil Perera have each taken a stake of between 0.02 per cent and 0.16 per cent of the company.