Start-up bank tops up after 97% gain
Secure Trust Bank, the £200m AIM-listed start-up bank that has seen its share price double since IPO last year, priced a top-up placing of new shares on Tuesday to fund acquisitions, organic growth and to clean-up its capital structure.
It raised £20m from the placing of 10.5% of the existing share capital, at 1350p each. That was a 4.9% discount to Mondays close of 1,420p. The share closed at 1,405p, down just 1% on the day.
Canaccord Genuity Hawkpoint was sole bookrunner for the deal.Arbuthnot Banking Group spun ...