Placing of shares on AIM

Beeks Financial shares begin trading on AIM

Gordon McArthurShares will be traded in Scotland-based Beeks Financial Cloud Group from today after it raised £7 million for expansion of its cloud computing services for financial markets.

The company raised funds through a placing of 9m new ordinary shares and the sale by existing shareholders of 5m shares at a placing price of 50p, valuing the company at £24.5m.

The shares will be traded on the Alternative Investment Market and proceeds will enable the company, based in Linwood, to accelerate growth and take advantage of opportunities, including entry to geographical markets.

It will add additional data centres around the world, increase capacity, boost connections between brokers and trading venues, enhance its self-service web portal and provide additional services to build revenue from existing and new customers.

The company intends to seek out strategic acquisition opportunities. 

Cenkos Securities is acting as nominated adviser and broker to the Company.

Gordon McArthur, chief executive (pictured), said: “We are delighted to be joining AIM today in what marks a significant milestone for the company.

“As a growing technology provider for automated trading, we believe that public company status and the new funds raised will enable us to accelerate our clear organic and acquisitive growth strategy.

“We are excited about the prospects that lie ahead.”

The Company has 49m ordinary shares of 0.125p each in issue following admission.

See also:

Beeks Financial in £24.5m IPO

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