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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ultimate Fin. | LSE:UFG | London | Ordinary Share | GB0031685414 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6265X Ultimate Finance Group PLC 15 April 2004 Ultimate Finance Group PLC Placing and Offer for Subscription Ultimate Finance Group PLC ("Ultimate", or "the Company") offers factoring and invoice discounting services, which provide small to medium sized businesses with a highly flexible form of cash flow funding The Board of Ultimate is pleased to announce the placing of 3,473,646 new ordinary shares at a price of 15p each, raising approximately #495,000, net of expenses, for the development of the Company's factoring and invoice discounting business. The Company's broker is W.H. Ireland Limited and its Nominated Adviser is Dawnay Day Corporate Finance Limited. Application has been made to AIM for the new ordinary shares to be admitted to trading ("Admission") and dealings in the new ordinary shares are expected to commence on 20 April 2004. On Admission of the new ordinary shares, Ultimate will have 14,697,018 ordinary shares in issue. In order to give other investors the opportunity to subscribe for new ordinary shares on the same terms, a prospectus will be issued within the next few weeks for an offer for subscription. If the offer for subscription is oversubscribed, priority will be given to existing shareholders. Use of proceeds The proceeds of the placing will strengthen the Company's capital base and enhance its borrowing capacity, enabling it to fund its growing factoring and invoice discounting books. The proceeds of the placing will also enable the Company to expand its sales force and continue to build its portfolio, but at a quicker pace than hitherto. Background The Company started trading in July 2002 as a cash flow finance company managed by a number of experienced executives in the UK factoring, invoice discounting and trade finance markets. The Company operates from offices in Bristol and has a branch in Manchester. Since the Company's initial admission to AIM in June 2002, it has made significant progress. Fully operational teams and systems have been established, a steady flow of opportunities has been generated and a growing portfolio of factoring and invoice discounting clients has been built up. The Company's additional capital requirements will provide the resources necessary to expand the business and address a significant UK market opportunity. The provision of factoring and similar products has grown rapidly in the UK in recent years. As at 31 December 2003, members of the FDA (a trade body representing factoring and invoice discounting companies) were providing approximately #8.8 billion of funding showing a 40% increase on the 2000 figure of #6.3 billion (source: FDA). Over the same period, turnover achieved by members of the FDA increased from #76.2 billion to #117.1 billion (source: FDA). Major shareholdings The holdings of certain directors and major shareholders in Ultimate are increasing as a result of the placing. Following Admission, City Equities Limited and its investment clients will hold 1,500,000 Ultimate shares representing 10.21% of Ultimate's enlarged issued share capital. The shareholdings of those directors who participated in the Placing (and their percentages of Ultimate's issued share capital) will be as follows following Admission: Name Shares acquired Enlarged holding Percentage ----------- ----------------- ----------------- ----------- Clive Garston 50,000 191,810 1.31% Brian Sumner 133,500 1,335,345 9.09% Derek Ashford 20,000 61,000 0.42% Jeremy Coombes 100,000 800,01 5.44% Richard Lee 20,000 61,000 0.42% Richard Pepler 116,650 934,160 6.36% W.H. Ireland Group PLC is deemed by the City Code on Takeovers and Mergers to be acting in concert with its directors and with discretionary investment management clients of its wholly owned stockbroking subsidiary, W.H. Ireland Limited (together referred to as "the Concert Party"). After Admission of the new shares in the placing, the Concert Party will, in aggregate, hold 4,371,184 Ultimate shares (representing 29.74% of its enlarged issued share capital). Commenting on the placing, Clive Garston, the Company's chairman, said : "As a start up business and new-comer to AIM in 2002, Ultimate has made significant progress. It has steadily built up its sales customer base and now provides services to 89 corporate clients. The proceeds of the placing and of the planned offer for subscription will provide Ultimate with the resources to pursue significant opportunities within the UK factoring market. I am also pleased to report that our interim results, which were announced at the end of March were in line with expectations. The Board is confident of the group's continued progress and we look forward to updating shareholders in due course". Enquiries: Brian Sumner, Chief Executive Tel: 07976 406474 David Floyd, Dawnay, Day Corporate Finance Tel: 0207 509 4570 Shane Dolan, Biddicks Tel: 0207 448 1000 This announcement, for which the directors of Ultimate are responsible, does not constitute an offer for securities. Dawnay, Day Corporate Finance Limited and W.H. Ireland Limited, both of which are authorised and regulated by the Financial Services Authority, are acting for Ultimate and no-one else and will not be responsible to anyone other than Ultimate for providing the protections afforded to customers of Dawnay, Day Corporate Finance Limited or W.H. Ireland Limited respectively or for providing advice in relation to the placing. Notes to editors Factoring Factoring is a method whereby trading companies raise finance by selling the debts due from their customers on a continuing basis to raise cash for working capital and for expansion. It is in many cases preferable to a bank overdraft for the company and for this reason is a strongly growing sector of the financial market. Products The full factoring package service arrangement provides advances of up to 85% of approved debtors and debt collection / sales ledger management services for client businesses which results in faster payments from customers, without damaging goodwill. Invoice discounting is similar in that clients sell the trade debts due from their customers and receive a cash advance, but the client retains responsibility for its own credit management. This information is provided by RNS The company news service from the London Stock Exchange END IOEVZLFFZZBBBBD
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