Listed law firm Ince is attempting another fund raise of £1.1 million, as the firm continues to grapple with financial difficulties.
In an announcement to the London Stock Exchange on Tuesday, the firm said it would pursue an open offer to qualifying shareholders, which would “provide the Group with additional working capital”.
The firm added that qualifying shareholders “are invited to apply for open offer shares under the open offer at the issue price of 5p per open offer”. The firm’s share price stood at 4.74p at the time of publication, close to its lowest ever valuation.
Earlier this week, Law.com International reported that Ince had delayed two recent profit distribution payments. One has now been paid, but a payment due to partners earlier this year remains outstanding.
In July, the firm announced that it would seek to raise “approximately £7 million” in newly issued shares, and take out a bank loan of £1.6 million for an £8.6 million total. However, the latest RNS indicates that this figure was actually £9.1 million.
That month, Ince also confirmed that its CEO Adrian Biles intended to resign.
Today, the firm said that completion of this fundraising was conditional “upon the passing of resolutions at the fundraising general meeting”, which is due to to take place on August 15.
A person with knowledge of the firm said of this week’s fund raise that internal members had wanted to take part in fundraising, as some had been unable to during the initial round announced in July.
The firm will hold a general meeting on August 25, in which a number of resolutions will be put to its shareholders for a vote.
In a statement earlier this week, an Ince spokesperson said that the firm has “taken hard decisions and definitive action” to deal with financial issues currently facing the firm.
The spokesperson added: “During this period, we necessarily need to focus on stabilising our cash flow and this has unfortunately impacted some of our people.”
"payment" - Google News
August 09, 2022 at 05:40PM
https://ift.tt/oKQNyCf
Ince Seeks Further Fund Raise Following Partner Payment Delays - Law.com International
"payment" - Google News
https://ift.tt/IFlS6UD
https://ift.tt/ZHVejFU
Bagikan Berita Ini
0 Response to "Ince Seeks Further Fund Raise Following Partner Payment Delays - Law.com International"
Post a Comment