Manchester broker has funds in place for 2009.
CBG has secured its funding for 2009 after raising £1.65m through a share placing and agreeing new banking facilities with the Royal Bank of Scotland (RBS).
The Manchester-based broker placed 1,375,000 new ordinary shares at 120p per share, which were purchased by existing institutional shareholders, raising £1.65m before expenses. It also negotiated increased terms with RBS.
Mike Askew, group managing director of CBG, said the funds would be used strategically.
“[The share placing] was not driven by looking for funds for specific projects at this stage,” he said.
“It was great to be able to raise that sort of money in the current climate. It has put us in a very strong position going forward.”
Askew said the broker, which has completed 18 acquisitions since becoming a public listed company in 2003, has no new deals in the pipeline, but added: “We will be ready for it.”
“We can’t put any hard-and-fast rules down,” he said. “[Next year] will be much of the same but who knows what the economic climate will bring with it?”
Laurie Turnbull, chairman of CBG Group, added: “Our objective is to increase earnings per share, year on year. A placing of shares at the current time and in this quantity is consistent with this strategy.”
