(Alliance News) – Commercial lending firm Vector Capital PLC on Monday outlined plans for a GBP3.1 million initial public offering on London’s junior AIM market.
Vector, which provides secured loans to businesses based in the UK, said it plans to raise the cash through a placing of 8.1 million shares at 38 pence each.
Admission is expected to take place on December 29 and Vector targets a market capitalisation of GBP16.0 million.
"The proceeds of the placing will be used by the company to further grow its loan book and for general working capital purposes," the company said.
It added that Allenby Capital is acting as both nomad and broker.
Vector also hailed its "track record of paying dividends".
"The company paid a dividend of GBP699,000 in respect of the full year ended December 31, 2019 and in October 2020 declared and paid an interim dividend of GBP400,000 in respect of the year ending December 31, 2020," the company explained.
"It is anticipated that the company will pay a dividend bi-annually, and that the first dividend post-admission will be the final dividend for the current financial year ending December 31, 2020 and will be declared following publication of the annual results."
By Eric Cunha; ericcunha@alliancenews.com
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