Western & Oriental is an acquisitive niche tour operator. The strategy is to acquire luxury travel businesses for a combination of cash and shares. Western & Oriental joined Aim on 27 March 2006 via a placing at 22p which raised £4.5m gross (£4.2m net). That was slightly below the £5m it was originally looking for. In June 2007 Western & Oriental nearly quadrupled its share capital via a £14.4m placing at 10p a share.