StockMarketWire.com - Wealth manager Frenkel Topping said that UK financial authorities had now approved its plans to raise £13m through the placing of shares to be used to fund merger and acquisition deals.

The company previously announced plans to raise 32.5m shares at a price of 40p per a share. The placing was subject to shareholder and regulatory approval.

Following regulatory approval, the company would seek shareholder backing for the placing of shares at meeting on 17 August.

'The net proceeds of the placing will be used primarily to fund and effect the company's refocused M&A strategy, consolidating the heavily fragmented professional services market, the company said in a statement in July.

'The proceeds of the placing will give the board the flexibility and speed to act decisively and the Board is in early stage discussion with a number of potential targets.'




At 9:30am: [LON:FEN] Frenkel Topping Group PLC share price was 0p at 42p



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