EW Group falls on issue of new shares

10th Apr 2013 09:13

Shares in training and consultancy firm EW Group dropped almost 15 per cent of their value on Wednesday after the company issued just under 62.68m new ordinary shares at a subscription price of 1.0p each.The £626,750 proceeds will be used to support the company's existing investment strategy, including providing further support to its largest investment to date, European Wealth Management Group, by way of a loan totalling £625,000. The unsecured loan carries an interest of 10% per annum and is repayable one year after the date of the drawdown. EW said European Wealth's assets under management have increased nearly fourfold to $0.6bn over the past year, with at least another $100m expected in the next six months. The share price fell 14.81% to 1.15p by 09:20.NR