Frenkel Topping Group PLC - Manchester-based professional and financial services firm focused on asset protection - Raises £10 million through the placing of 14.3 million shares at a price of 70 pence each.

FinnCap acted as the sole bookrunner in the placing, and the proceeds will go towards funding three acquisitions currently in due diligence and targeting new acquisitions in the fragmented pre-settlement professional services market.

Placing price of 70 pence is at a 10% discount to the closing price on Monday at 77.50 pence.

‘I am delighted that new and existing shareholders have once again supported Frenkel Topping on its ambition of becoming the market leader in the PI & Clin Neg space. The net proceeds of the Placing allows us to continue consolidating the heavily fragmented professional service firms marketplace. The board looks forward to building on the momentum gathered since our last fundraise in July 2020 and are already well progressed on a number of potential opportunities,’ said Chief Executive Officer Richard Fraser.

Current stock price: 71.00 pence

12-month change: up 23%

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