Managed Accounts raises $34 million for acquisition
A share placement to part fund Managed Accounts Holdings Limited’s (MGP) acquisition of Linear Financial Holdings has successfully raised $34 million with the help of existing and new institutional investors.
Commenting on the raising, MGP executive chairman, Don Sharp said: “The support for this capital raising is a great endorsement of the proposed acquisition of Linear and the merger of the two companies.
“The placement received very strong support from existing and new institutional and sophisticated investors.”
Under the placement, new paid ordinary shares will be issued at $0.28 per share.
The merger of MGP and Linear will see the firm hold $11.5 billion in funds under administration.
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