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Merchant House

  • BY: Andrew Hore |
  • POSTED: 17/03/2008 |

Merchant House is expanding its broking business. 

It has received FSA approval to provide broking services to private clients and the Merchant Capital subsidiary also wants to boost its corporate business. This will require additional experienced employees. That will cost money and Merchant House is raising up to £2.5m via an issue of convertible preference shares.

Merchant House is seeking shareholder permission to issue £4m of convertible preference shares but only plans to issue up to £2.5m at the moment.

The preference shares will have an interest charge of 8% and be convertible at 2.5p a share.

Since the announcement of these plans the shares have risen 1p to 2.5p, valuing the company at £2.04m.

Helium Special Situations has sold its 3.1% stake.

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