LONDON (ShareCast) - Andrew Dick, chief executive at the insolvency specialist Begbies Traynor placed nearly £2m worth of shares in the company today, reducing his holding to 7.25% from 9.5%.
The company said his placing of just over 1.2m shares at 165p each “will not only help to satisfy demand, but will improve further the level of free float and liquidity in the shares of the group.”
Begbies Traynor as a whole is placing around 7.9m shares at the same price. It says the funds will be used to help fund expansion at its business insolvency practice, which should see strong growth as the economy slows down.
“We are delighted with the level of demand for Begbies Traynor's shares from a variety of blue chip institutions, both existing and new investors, and very much welcome our new shareholders,” executive chairman Ric Traynor said.
“These new funds, together with existing facilities, will provide adequate resources for Begbies Traynor to capitalise fully upon an anticipated sustained period of improved new work flow in our core business insolvency practice."
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