StockMarketWire.com - Payments group Equals detailed plans to raise up to £16m through an open offer and the placing of shares at a discount.

The company said it would issue 12,727,000 shares at 110p, representing a discount of about 5.6% to the closing middle market price of 116.5p on 13 August, raising £14m.

Proceeds from the fundraise would be used to accelerate corporate offering, facilitate market consolidation through bolt-on acquisitions and provide growth working capital, the company said.

The company also said qualifying shareholders would have the opportunity to subscribe for an aggregate of up to 1,835,578 open offer shares, raising up to £2m.

The company also said that positive trading had continued in-line with market expectations.






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