LONDON (ShareCast) - Steppingstone Associates, a communications sector recruitment company, has been admitted for trading on AIM this morning, valuing the company at £6.41m.

The group raised £1.1m before expenses at a placing price of 4p per share and said it has completed the acquisition of Inspired Selection.

The net proceeds of the placing will part fund the acquisition of the specialist publishing recruitment agency.

“The acquisition of Inspired Selection fits well with our existing Hamblyn Selection subsidiary and will help to extend our recruitment capabilities in the publishing area of the media sector,” said chairman David Mansfield.

“Over time, we hope to grow internationally through the establishment of an affiliate network which will allow us to provide enhanced services to clients and candidates,” he added.

The group has appointed Grant Thornton Corporate Finance as its nominated adviser and SVS Securities as its financial adviser and broker.

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