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Nucleus raises £15m to pay debt

Nucleus has completed a £15m rights issue to clear its debt to South African insurer Sanlam.

The wrap provider completed the £15m cash call on December 20, with one IFA firm providing the biggest single investment of £780,000.

Nucleus set out its fund-raising plans in October, having discussed the plans informally since April 2009. It sought to raise over £3m in a similar fund-raising exercise in June 2009, again to pay back debt to Sanlam.

Chief executive David Ferguson says: “We raised everything that 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 including 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.”

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