AUGMENTUM Fintech has unveiled plans for a new share issue to raise approximately £30m.
The fintech-focused investment trust, which has Zopa as its largest holding, is to issue 26,785,714 ordinary shares priced at 112p each and may increase the offering to £50m if demand exceeds its target.
It forms part of a 12 month share issuance programme of up to 150m new ordinary and/or C shares.
The fundraise is still subject to shareholder approval at a meeting on 1 July and Augmentum Fintech aims to list the shares on 4 July or by 1 August at the latest.
Any money committed will be returned if shareholders reject the proposal.
Shares will be offered via its brokers Peel Hunt and Fidante Capital as well as through fund investment platforms.
The minimum investment will be £1,000.
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“There is a significant opportunity for fintech businesses in the UK and wider Europe,” Neil England, chairman of Augmentum Fintech, said.
“We are uniquely positioned to take advantage of this and our previously stated ambition is for a much more substantial fund over time, expected to come from a combination of underlying net asset value growth and the introduction of new capital.
“We have successfully delivered on our investment strategy following our initial public offering last year and now that the company is substantially fully committed, the board believes the time is right to raise further funds.
“This will enable us to take advantage of some interesting opportunities in our identified pipeline.”