Helical Bar after extra financial firepower

8th Dec 2010 08:13

Property investment firm Helical Bar is raising money to fund "new compelling opportunities" in the real estate sector.The company, which received £28m from a placing in January 2009, has decided to sell up to 10.73m shares, worth almost £30m at last night's closing price of 277p.It says it's already received strong indications of support from existing shareholders and other institutions. Management are investing £1.1m.Exactly how many shares were actually placed and the price of the shares will be announced once the accelerated bookbuild process is over."We have recently experienced a notable uptick in the number and quality of potential opportunities, especially from banks, institutions and over-leveraged private property companies," boss Mike Slade said."It is this combination of current pricing levels and the ability to hand-pick some highly attractive assets and schemes that has led us to conclude that now is the right time to raise further funds to increase our investment capacity and thereby extend the reach of our buying abilities."