Nucleus completes £15m cash call
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Nucleus has completed a £15m rights issue to clear its debt to South African insurer Sanlam.
The wrap provider completed the £15m cash call yesterday, with one IFA firm providing the biggest single investment of £780,000.
Nucleus announced its fundraising plans in October, having discussed the plans informally since April 2009.
Chief executive David Ferguson (pictured) says: “We raised everything we were looking to raise, and we also had submissions beyond what we wanted to achieve.
“There were three broad purposes of the capital raising - to repay our debt, to give us enough working capital to ensure sustained profitability, and to give us a balance sheet consistent with our growth ambitions.”
He adds: “There have been a lot of questions about around Nucleus’ structure recently, and I think those questions have now been answered.”
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