"The successful fundraising and admission to AIM will enable us to increase our lending power and satisfy the demand for fully secured business loans in the SME market"
Vector Capital has announced its intention to seek admission to the AIM market of the London Stock Exchange.
Vector has announced a conditional placing of 8,052,895 new Ordinary Shares at a price of 38 pence per share to raise gross proceeds of £3.1 million.
Admission and commencement of dealings on AIM are expected to take place on 29th December 2020. Based on the Placing Price, the market capitalisation of the Company will be £16.0 million on Admission.
Vector Capital provides secured, business-to-business loans to SMEs based in England and Wales. The firm says the proceeds will be used to further grow its loan book, which currently stands at £34.7m.
Agam Jain, CEO of Vector Capital said: “Our plans to bring Vector Capital to AIM are founded on a strong track record of organic growth. We have been a trusted lender by brokers for more than 20 years, due to our flexibility, speed and integrity. The successful fundraising and admission to AIM will enable us to increase our lending power and satisfy the demand for fully secured business loans in the SME market, taking the business to its next stage of growth. With a robust and scalable IT infrastructure in place to facilitate an increasing loan book, combined with our low overheads and agility, Vector Capital is strongly placed to expand, deliver on its strategy and provide returns to shareholders.”