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Ultimate Finance Group
- BY: Andrew Hore |
- POSTED: 29/01/2012 |
- COMMENTS: Add yours
Invoice discounting and factoring services provider Ultimate Finance Group has raised £1m at 13.4p a share.
The cash will strengthen Ultimate’s balance sheet but it dilutes forecast earnings per share by 7% this year and 13% next year.
New non-executive directors Roger McDowell and Matthew Cooper have acquired shares in the placing. McDowell has invested £200,000 for a 2.61% stake and Cooper has invested £125,000 for 1.63%. Helium Special Situations Fund has also subscribed for shares and it owns 22.1% of Ultimate.
At 14.12p a share, Ultimate is valued at £7.03m.
House broker WH Ireland forecasts a 2011-12 profit of £1.9m rising to £2.3m in 2012-13. The shares are trading on five times 2011-12 prospective earnings. The prospective yield on a dividend of 0.8p a share is 5.7%.
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