In a market where many SME lessors continue to struggle with
adequate funding lines, Private & Commercial Finance Group
(PCFG) has conditionally raised £1.35 million (€1.5 million)
through a new share placing.
Although the lessor will primarily use the funds to repay PCFG’s
2009 Loan Notes, in which it raised £2.3 million in 1999, the cash
will also provide further additional working capital for the
company.
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The share placing, which is subject to shareholder approval,
will see PCFG place 22,526,664 ordinary shares at 6p per share.
“The proceeds of the placing will not only strengthen our
balance sheet but will position us well to take advantage of the
exceptional opportunities presented by these favourable
conditions,” said Michael Cumming, chairman of PCFG.
HansonWesthouse is acting as nominated advisor and Daniel
Stewart is acting as broker for the placing.
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