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Nucleus seeks to raise more than £3m in rights issue

Wrap provider Nucleus is seeking to raise over £3m in a rights issue to pay back some of the company’s debt to South African insurer Sanlam.

Nucleus chief executive David Ferguson says the debt owed by the firm was “slightly more” than £3m but he refused to disclose an exact figure.

According to Ferguson the rights issue has been driven in part by IFA shareholders who want the three-year old company to have a cleaner capital structure.

He says the firm would look to raise the money through existing shareholders and was “very comfortable” that Sanlam was committed to the business.

He says: “A lot of the demand for the initiative has been driven by those shareholders so I’m not expecting any problems.”

Ferguson was unable to say where ex- business development director Philip Martin who left last week would re-emerge.

He says: “Last time I spoke to Philip which was a couple of weeks ago he wasn’t certain yet on his next move.”

Nucleus currently has £725m assets under management and Ferguson expects the firm to keep on growing, saying inflows are higher than they’ve ever been.

He says: ” We should do more than £50m in June and last week we did around £15m which apart from tax year end is our best ever week.”

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