Wed, 30/05/2007 - 14:34
Alternative investment group Integrated Asset Management, which has around USD1.5bn in assets under management and advice, has raised some GBP10.8m through a placing at 135p per share in order to acquire the remaining 49.9 per cent of Attica Holdings (UK), the holding company of Integrated Alternative Investments.
Integrated Alternative Investments is a London-based provider of fund of hedge fund products, one of whose main clients is Luxembourg bank Sal. Oppenheim International. Following the initial acquisition of 50.1 per cent of Attica by Integrated in May 2006, Sal. Oppenheim International retained the remaining 49.9 per cent stake, was subject to a call/put agreement valued at EUR8.45m.
According to Integrated, the capital raised through the placement will also be used to finance additional selected acquisitions to accelerate growth of the funds under the firm's management. At the same time, the transaction will also broaden its shareholder base by adding several new institutional investors.
The placing comprises 8 million new ordinary shares of 5p each, which are to be admitted to trading on London's AIM market with effective as of 8.00 a.m. on May 30. The shares, which will represent 24.9 per cent of Integrated's issued share capital, are priced at a discount of 4.93 per cent to the mid-market closing price of 142p on May 24. The company's market capitalisation following the placing will be GBP43.4m.
Integrated's board has announced it is in preliminary discussions with a major investment bank which is potentially interested in acquiring a shareholding of up to 10 per cent, which would be in new ordinary shares of the company. As part of the placing, Sal. Oppenheim International will acquire 3,172,289 shares in Integrated and will own 29.5 per cent of its issued share capital.
Says chief executive Emanuel Arbib: 'We are delighted that investors have responded so positively to our business strategy and prospects. The proceeds of the placing will enable us to further stimulate Integrated's organic growth as well as to fund the acquisition of the remaining 49.9 per cent of Attica Holdings (UK) that we do not already own. The cash resources raised will also provide the company with additional capacity to pursue further acquisitions in the fund of funds arena.'
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