Vector Capital placing raises £1.5m
Commercial lender Vector Capital has successfully completed a placing of new ordinary shares in the company, raising gross proceeds of £1.5 million.
"We are seeing continuing demand for our loans, driven by a buoyant property market and our competitive strengths through our broker relationships and the speed at which we can approve loans."
These funds will be used to increase the Group’s lending power to meet demand for its loans.
The placing shares will represent approximately 7.1% of the firm's capital and have been subscribed for by a combination of new investors and existing shareholders.
Agam Jain, chief executive of Vector Capital, said: “With strong new and existing shareholder support for our proven strategy, I am very pleased to announce a successful placing to increase our lending power. We are seeing continuing demand for our loans, driven by a buoyant property market and our competitive strengths through our broker relationships and the speed at which we can approve loans.
"Vector Capital is a profitable business with capacity to grow and this placing positions us for further success as we build towards a £100m loan book which we are confident of reaching over the medium term. The year is progressing positively in line with expectations and, with this in mind, I look forward to providing updates on our progress as we execute our growth strategy."
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