International law firm Bird & Bird advises Alpha FX Group plc on its £20 million fundraising.
Alpha FX Group plc (AIM: AFX) ("Company") a foreign exchange specialist working internationally for businesses and institutions impacted by currency volatility, confirmed that the Company has raised a total of £20 million through a secondary placing ("Placing"). The Placing attracted strong support from existing and new, high quality institutional investors, as well as a number of the Company's directors, senior management team and employees.
A total of 2,715,442 new ordinary shares at 680 pence per share were placed by way of an accelerated book build process. In addition, 225,735 new ordinary shares were subscribed for by way of direct subscription with the Company, also at a price of 680 pence per share. The Company intends to use the net proceeds of the Placing to acquire new clients and continue investment in new products and markets, including Alpha Payment Solutions, Canada and the Netherlands.
The Bird & Bird team was led by Corporate partner Clive Hopewell and assisted by associates Sharon O'Donnell, Youichi Iisaka, Freddie Spearman and Phil Chui.
Clive Hopewell, Corporate partner at Bird & Bird says, "We were delighted to advise our long-standing client, Alpha FX on this significant fundraising which truly demonstrates the strength and resilience of the AIM Market in these most troubling times. Remarkably, it was on the same day exactly three years ago, when Alpha FX published its AIM Admission Document for its IPO, which we also advised on, and went on to win 'AIM IPO of the Year'. Alpha FX has been one of the most successful entrants to AIM in the past few years."
Morgan Tillbrook, Chief Executive Officer at Alpha FX comments, "We are fortunate to have some great external partners like Clive and the Bird & Bird team. They have been a pleasure to work with and invaluable."
Liberum Capital Limited, acted as Nominated Adviser and Sole Broker to the Company.