- Curtis Banks Group has started trading on AIM with a market capitalisation of around £85.0m.

The company raised £7.5m, gross, through a conditional placing of 3,947,369 new ordinary shares at 190p apiece while selling shareholders agreed to sell 7,273,681 ordinary shares at the placing price.

The sale shares and the new ordinary shares comprise 25% of the enlarged share capital of the company.

The proceeds of the placing payable to the company will be applied in the payment of fees, commissions and expenses incurred in connection with the placing which are estimated at £1.2m, in the funding of a payment of £1.4m to certain of the selling shareholders in consideration for the purchase from them by the company, for their nominal value, of 1.4 million preference shares of £1 each in Curtis Banks, with the balance to be available to fund acquisitions, where appropriate.

Curtis Banks administers self-invested pension products, principally SIPPs and SSASs. The group began trading in 2009 and has successfully developed, through a combination of organic growth and acquisitions, into one of the largest UK providers of these products. The group employs approximately 200 staff in its head office in Bristol and regional offices in Dundee and Market Harborough.

At 8:33am: [LON:CBP] share price was +202p at 202p

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