AFH issues further 5,000 shares onto Aim

Listed IFA AFH Financial has applied for more than 5,000 new ordinary shares of 10 pence each to be admitted to trading on the Alternative Investment Market, in an attempt to drive further growth.

The new 5,434 ordinary shares were issued and allotted yesterday (31 March) pursuant to the exercise of share options by an employee and will rank hand in hand with the existing ordinary shares of the company.

The wealth management firm’s share options have an exercise price of 37p and are expected to be admitted to Aim trading on 8 April.

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Following the issuance, the share capital of the company comprises 19,498,188 ordinary shares of 10p each with one voting right.

It does not hold any ordinary shares in treasury, so the total number of ordinary shares and voting rights is 19,498,188.

This is not the first time the firm has bulked up its acquisition and growth war chest. After raising £3m prior to listing on Aim last summer, it issued up to £3m unsecured loan notes at the start of December, with received applications from investors for approximately £1.9m of unsecured loan notes confirmed later that month.

Last week, the adviser’s results for the year ending in October 2014 showed that funds under management exceeded £1bn and that it had increased its number of advisers to 136 from 122.

Alan Hudson, chief executive of AFH, said: “The group’s acquisition pipeline remains strong and its cash reserves will allow it to take advantage of the active M&A market in the IFA sector to meet its strategic aims in 2015 and future periods.”