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AFH plans fresh share issue to raise £125k

IFA consolidator AFH Financial is looking to raise a further £125,000 through a share issue to fund future acquisitions.

The firm, listed on the ISDX exchange, wrote to shareholders yesterday to call a general meeting for shareholders to vote on proposals to issues 1.25m new shares at 10p each.

AFH says it expects to be trading on the Aim market before the end of the year, having announced its intention to do so last month.

Last year the firm raised £750,000 through a bond issue and £2.55m in new share issuance.

It its note to shareholders AFH says: “The company is aware of demand from investors which will provide AFH with additional capital to finance its ongoing acquisition programme. A significant proportion of this demand is dependent on the new ordinary shares being issued before 4 April, so that such new ordinary shares would qualify for Enterprise Investment Scheme relief in the current tax year.”

The general meeting will take place on 31 March. Its AGM will take place on 28 April. 

AFH’s latest acquisitions include SR Wealth Management in January for £200,000 and Michael Mac Wealth Management in December for £250,000.

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