By Laura Lutz
Des Moines, Nov. 15 - Farley Group plc announced plans to raise £11.4 million from a private placement.
The company intends to sell 14,213,310 ordinary shares to some existing shareholders and institutional investors at 80p per share, a 27.3% discount to the shares' 110p closing price on Nov. 14.
Timothy James, executive chairman of Farley Group; Max Ziff, chief executive officer; Nigel Cartwright, chief financial officer; and Simon Wharmby non-executive director have agreed to subscribe for a total of 125,000 of the shares.
Proceeds will be used acquisitions and working capital.
Settlement depends on the passage of proposed resolutions at an extraordinary general meeting on Dec. 11.
Farley Group is a land and real estate agents firm based in London. The company plans to change its name to Humberts Group plc as part of an ongoing branding effort.
| Issuer: | Farley Group plc
|
| Issue: | Shares
|
| Amount: | £11.4 million
|
| Shares: | 14,213,310
|
| Price: | 80p
|
| Warrants: | No
|
| Investors: | Timothy James, Max Ziff, Nigel Cartwright and Simon Wharmby (for 125,000 shares, collectively)
|
| Pricing date | Nov. 15
|
| Settlement date: | Dec. 11
|
| Stock symbol: | London: FGR
|
| Stock price: | 96p at close Nov. 15
|
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