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Henderson and Artemis back Inter-Alliance share issue

Fund firms Artemis and Henderson have joined HBOS in heading a group of institutional investors placing £15m in a new share issue from national IFA Inter-Alliance.

Henderson is placing £2.6m for a 14 per cent stake in the firm while HBOS and Artemis are both paying £1.5m for 8 per cent stakes, with the remaining £9.4m coming from a range of institutional investors.

Chairman and chief executive Keith Carby is investing £125,000 and distribution director Philip Lockyer is investing £75,000 in the firm.

The rescue package for the firm – which sees the issue of three quarters of a billion new shares at 2p each – was approved on Monday by 94 per cent of Inter-Alliance&#39s existing shareholders who will see their stakes diluted by 83 per cent.

Carby says the fact that City institutions are prepared to put money into the firm as a pure investment is a vindication of the firm&#39s strategy.

He says: “We are obviously delighted at this time when cash is king to have this level of financial strength behind us. All the institutions that have come in are serious about making a profit and that shows we are on the right track.”

Numis analyst Justin Bates says: “Private investor activity is picking up and this could help with profitability but margins still have to improve.”


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