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WH Ireland raises £2.4m to meet FCA capital demands

WH Ireland raises £2.4m to meet FCA capital demands

WH Ireland has issued £2.4 million in equity to help bolster its capital adequacy requirements, placing two million shares at a price of 120p a share.

The issue was priced at a 3.2% discount to yesterday's closing price.

Most of the shares have been purchased by core hedge fund backers Polygon Global Partners and Oceanwood Opportunities Master fund, which after the placement will own 17.89% and 27.7% of the enlarged share capital, respectively.

WH Ireland said the share placement will 'increase the group's core tier 1 capital ratio' so that it has 'sufficient resources in place to satisfy the FCA's present capital adequacy requirements.'

In December, WH Ireland issued a profit warning saying  costs associated with managing Mifid II requirements were higher than earlier anticipated.

The profit warning came after the group announced earlier in 2017 that it had narrowed losses thanks to its restructuring.

Richard Killingbeck (pictured), chief executive of WH Ireland, said: 'The board of WH Ireland has always taken a prudent stance in regard to the company`s regulatory capital requirements.

'This placing helps ensure that our resources are in excess of what the board believes will be required for the foreseeable future.'

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