By Laura Lutz
Des Moines, Sept. 8 - Hat Pin plc arranged a £5.5 million private placement of stock to fund its acquisition of Alexander Mann Financial Markets.
The company sold 7,638,889 ordinary shares to institutional and other investors at 72p each.
The share price represents a 6.5% discount to the 77p closing middle market price of the company's stock on Sept. 7.
The new shares represent 33% of the company's outstanding shares following completion of the placement and acquisition.
Hat Pin non-executive chairman Terry Hitchcock subscribed for 416,667 shares in the placement. Following the deal, Hitchcock will own 1,626,667 shares, or 6.9%, of the company's outstanding stock.
Directors Angela Campbell-No, Stephen Bampfylde and Peter Walker each bought 30,000 shares, and director Paul Billett bought 15,000 shares.
Following settlement, Campbell-No will have 95,000 shares, or 0.4%, of the company's outstanding stock; Bampfylde will have 2,343,127 shares, or 9.9%; Walker will have 230,000 shares, or 1%; and Billett will have 25,000 shares, or 0.1%.
Arden Partners, plc acted as agent for the deal.
London-based Hat Pin owns and operates executive search businesses. Alexander Mann Financial Markets is a financial markets executive search firm owned by the Alexander Mann Group. After the acquisition, it will be renamed Akamai Financial Markets.
| Issuer: | Hat Pin plc
|
| Issue: | Stock
|
| Amount: | £5.5 million
|
| Shares: | 7,638,889
|
| Price: | 72p
|
| Warrants: | No
|
| Agent: | Arden Partners plc
|
| Pricing date: | Sept. 8
|
| Stock symbol: | London: HTP
|
| Stock price: | 78p at close on Sept. 8
|
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