City of London Group admitted to AIM

19th Oct 2015 11:19

(ShareCast News) - City of London Group's shares have been admitted to trading on the AIM.The company confirmed the admission on Monday following a capital raise of £5m.Two million pounds of the net proceeds of the subscription will be used to acquire preference shares recently issued by subsidiary Credit Asset Management Limited.The balance will be used to reduce the company's debt to £4.1m.Chief executive John Kent said the additional funding will support the next phase of the company's growth."Furthermore, being listed on AIM will provide us with greater flexibility to continue this growth in the future."