Curtis Banks Group plc raise £25 million

N+1 Singer is delighted to have supported Curtis Banks in successfully placing 11,904,762 ordinary shares at a price of 210 pence per share, raising gross proceeds of £25 million. 

The Placing Shares being issued represent, in aggregate, approximately 22 per cent. of the Company’s issued ordinary share capital prior to the Placing. The Placing Price represents a discount of approximately 9.5 per cent. to the closing mid-market price of 232 pence on 22 July 2020.

The net proceeds of the Placing will be used to fund the initial consideration for the acquisition of Talbot and Muir and to provide additional working capital. The acquisition of Talbot and Muir is conditional on regulatory approval.

About Curtis Banks Group plc

Curtis Banks is one of the UK’s leading administrators of self-invested pension products, principally SIPPs and SSASs and has successfully developed, through a combination of organic growth and acquisitions, into one of the largest UK providers of these products. At 31 December 2019 the Group administered approximately £29.1bn of pension assets on behalf of over 76,000 active clients.

Acquisitions are a core component of Curtis Banks’ growth strategy. The Company is disciplined in its approach and is committed to exploring opportunities to add scale and expand its offering through complementary acquisitions.

Ticker: CBP
Market Cap: £125.61 million*
Website: Click here

* As at 23/07/2020

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