Caretech builds up war chest

26th Feb 2010 17:16

Social care services provider Caretech Holdings has raised in the region of £15m through a placing of 3.75m new ordinary shares at 400p each.The newly issued shares represent 7.57% of the enlarged share capital.Funds from the issue will be used to build up the company's war chest as it is currently running the rule over potential acquisitions. To this end the company is also in negotiation with a group of banks over an increase to its banking facilities.'We are seeing more corporate opportunities at sensible prices than at any time since flotation and believe the company has a strong platform and a market leading team to take advantage of these at the earliest opportunity,' said Farouq Sheikh, executive chairman of CareTech.