Knights, one of the UK’s fastest growing regional legal and professional services businesses, today announces that 71,379,311 ordinary shares have been issued to trading on AIM under the ticker KGH.L, and ISIN number GB00BFYF6298. The Company’s documentation is available to view on its website www.knightsplc.com.
The Company will receive gross proceeds of £30 million pursuant to the Placing, part of which will be used to repay the majority of its existing debt and fees. The Directors believe that the IPO will enable the Company to accelerate its growth strategy, both through organic and acquisition led growth.
The Placing undertaken in conjunction with the Admission was significantly oversubscribed, raising gross proceeds of approximately £50m.Upon Admission, the Company will have a market capitalisation of approximately £103.5 million.
The allocation of the Sale Shares sold in the Placing by existing shareholders has changed slightly from that set out in paragraph 14.6 of Part VII of the Admission Document. The revised allocation is set out in the annex to this Announcement.
Commenting on today’s announcement, David Beech, CEO at Knights, said:
“We are delighted to be joining AIM today with a high-quality register of institutional investors that is testament to the strength of our business model. We are looking forward to life as a listed company and keeping our new shareholders updated with our ongoing growth plans as we seek to build on the positive momentum we have generated in recent years.”