- HML Holdings has raised £2.035 million, before expenses, through a heavily oversubscribed placing of 5,500,000 new ordinary shares at 37p apiece, the closing mid-market price on 15 December.

The group has sourced three potential acquisition targets for which non-binding heads of terms have been signed.

These three acquisitions are in line with the company's strategy and are expected to be earnings enhancing post integration.

The combined consideration for the acquisitions is expected to be approximately £4.4 million. It is envisaged that 20% of the consideration will be deferred.

The balance will be satisfied by approximately (i) £1.9 million from the placing proceeds; (ii) £1.1m from debt facilities; and (iii) £0.5m from existing cash resources.

While there can be no certainty that these three acquisitions will proceed, the proceeds from the placing will be used to part fund these acquisitions or suitable alternatives. Further details as to the company's acquisitions will be made in due course.

At 8:13am: [LON:HMLH] HML Holdings PLC share price was +1p at 38p

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