Wealth management and independent financial advisory firm AFH Financial has announced further details of its planned switch from listing on ISDX to AIM.
The placing is expected to raise approximately £1.46 million before expenses to fund the Bromsgrove-based group's continued growth strategy .
The group has now given notice to the ISDX Growth Market that it intends to withdraw its shares from trading and the placing on AIM is expected to become effective on June 30.
In addition, £1.46 million has been conditionally raised on behalf of chief executive Alan Hudson by the sale of 1.04 million ordinary shares of 10 pence each.
Pursuant to the subscription and conditional on admission, non-executive chairman John Wheatley, chief investment officer Toby Denne and chief financial officer Paul Wright have all agreed to purchase sale shares.
A statement to the stock exchange added: "The group is seeking to move from the ISDX to AIM in order to take advantage of AIM's higher profile, broader investor base, greater liquidity and access to institutional investors for the placing and any future potential fundraisings.
"Following admission, the group intends to retain its focus on organic growth and acquisitions through the continued acquisition or recruitment of new financial advisers and the use of its AIM quotation to accelerate its acquisition strategy."
In April, the group announced a successful equity subscription, raising £1.6 million of further funding to be used for working capital and finance potential future acquisitions.
The ticker symbol will remain as AFHP.
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