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SMC Group

  • BY: Andrew Hore |
  • POSTED: 18/12/2007 |

Architect SMC Group is raising nearly four times its existing market value via an open offer at 8p a share. 

The 19-for-five open offer will raise £15.1m, or £13.3m after expenses. Investment management firm Ironshield is underwriting the share issue. At 8.25p, the company is worth £4.1m.

The cash will be used to pay deferred consideration, repay some borrowings and for working capital. SMC has borrowing facilities of £20m and at the end of September there was £1.1m left unused. 

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