London Stock Exchange welcomes River and Mercantile Group PLC to the Main Market
London Stock Exchange today welcomes River and Mercantile Group PLC, the advisory and investment solutions business, to the premium listing segment of the Official List on the Main Market. The Company issued 22,678,859 Ordinary Shares at a price of 183 pence per share raising gross proceeds of approximately £41.5 million. At the issue price, River and Mercantile has a total market capitalisation of approximately £150.2 million.
The Group intends to use part of the proceeds to develop and seed new products and solutions where there is identified current client demand and the balance for expanding its US business and the pursuit of strategic acquisitions, which provide a platform for future organic growth.
Mike Faulkner, Chief Executive of River and Mercantile Group, said:
"Listing our company represents a major step forward and provides us with an ability to continue to invest in our advisory and asset management capabilities in both the UK and abroad. The Group is well positioned to capitalise on the "Pensions Revolution" and the increasing importance of governance to clients' investment strategies. We look forward to building on our strong investment performance and high levels of client satisfaction."