First Property Group (Fprop) said this morning it had raised £2.9m via a cash placing of 18.125m new shares at 16p each.
The AIM-listed online commercial property transaction platform and asset manager said it planned to invest the funds in acquisitions and the “development of its core businesses”.
It said that the placing shares represent 19.5% of the issued share capital and that they have been conditionally placed with existing and new investors.
Fprop chairman Alasdair Locke has bought 156,250 placing shares, while chief executive Ben Habib has bought 312,500.
Habib said: “During the last 18 months our business has established itself and grown at a tremendous pace.
“These funds will underpin our growth and allow us to take advantage of opportunities as they arise.”
References: EGi News 07/07/04
