Business
Admission to trading on AIM
Admission to trading on AIM.
About this update from Property Franchise Group Plc
[{"type":"text","content":"\n \nRNS Number : 7993V MartinCo PLC 18 December 2013 \n \n\n \nMARTINCO PLC\n(\"Martin & Co\" or \"the Group\")\n \nAdmission to trading on AIM\n \nMartinCo, one of the UK's largest residential letting businesses, is pleased to announce that dealings in its shares on AIM will commence today, following a placing of new ordinary shares and sale shares at 100 pence per share, raising a total of £10.35 million before expenses. Panmure Gordon is the Nominated Adviser and Broker to the Group.\n \nThe Group operates a franchise business model under the brand Martin & Co and comprises 157 franchisees trading at 187 offices, with a further two trading offices which are currently Group owned. The Group recently added an estate agency service to the franchise, and 95 of its franchise offices are now licensed to offer this service.\n \nPlacing details\n \nTrading will commence on AIM at 08:00 am on 18 December 2013 (ticker symbol AIM: MCO). \n \n\n\n\n\nPlacing price\n\n\n100p\n\n\n\n\nNumber of existing ordinary shares\n\n\n18,000,000\n\n\n\n\nNumber of new ordinary shares placed\n\n\n4,000,000\n\n\n\n\nNumber of sale shares placed\n\n\n6,350,050\n\n\n\n\nEnlarged share capital on admission\n\n\n22,000,000\n\n\n\n\nGross proceeds payable to the Company\n\n\n£4.0m\n\n\n\n\nPlacing shares as a percentage of the enlarged share capital\n\n\n47.0%\n\n\n\n\nMarket capitalisation at the placing price on admission\n\n\n£22.0m\n\n\n\n\n \nCommenting on the Company's admission to AIM, Ian Wilson, CEO of MartinCo Group, said:\n \n\"The Group is excited to begin its next phase of growth as a public company. It is a strong endorsement of our business that it has attracted such high-quality institutional shareholders on its IPO. The Group has a clear strategy and believes it is well placed to further consolidate its position as one of the UK's largest residential lettings agents and build out its estate agency services.\" \n \n-Ends-\n \nFor further information, please contact:\n \n\n\n\n\nMartinCo Plc \nIan Wilson, Chief Executive Officer\nDavid Raggett, Chief Financial O...