HML Holding raises £2.03m for three acquisitions

16th Dec 2016 08:35

(ShareCast News) - Property manager HML Holdings has raised £2.03m in an equity placing in order to make three acquisitions as part of its growth strategy.The acquisitions are expected to be earnings enhancing and have a combined value of about £4.4m.The AIM-listed company expects that 20% of the payment of the acquisitions will be deferred, with the balance paid from about £1.9m from the share placing, £1.1m from debt facilities and £500,000 from existing cash resources.It said that the acquisitions are not certain and if they could not proceed then the capital raised will be used for suitable alternatives.The company raised £2.03m, before expenses, from 5.5m shares of 1.5p each which were sold at 37p on Thursday, which are expected to be admitted to trade on AIM around 21 December.Chief executive Robert Plumb said: "We are delighted with the vote of confidence in our future expressed by investors in this fund raise. We also welcome their continued participation in our growth plans and we aim to unlock further shareholder value. With increased critical mass, we have a strong operational footprint from which to continue to scale HML's operations."Shares in HML Holdings were up 5.41% to 39p at 0809 GMT.