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Powerleague set for AIM float
Paisley-based five-a-side football operator, Powerleague, has revealed the amount it hopes to raise when it floats on the London Stock Exchange’s (LSE) Alternative Investment Market (AIM) on Thursday (26 May).
In a formal notice of intent, the company said it has conditinally raised £14m through the issue of 31.3 million shares in relation to its proposed application for admission to the AIM.
Powerleague also said it had raised a further £8.25m, earmarked for selling shareholders and management, who will continue to hold around 38 per cent of the company.
Powerleague’s executive chair, Claude Littner, expects the listing to create net proceeds of around £12.9m for the company.
“We are delighted to have received such a positive response to the fundraising from our new shareholders,” he said.
“The funds raised will enable Powerleague to strengthen its balance sheet and to support the group’s expansion through acquisition and organic growth.”
Powerleague currently operates 26 football centres in the UK and is the second five-a-side operator to float on the AIM in the last six-months.
Last December, Powerleague’s rival, Goals, was valued at £34m by the end of its first day on the AIM and shares peaked at 128.5p after the floating price of 82p.
Powerleague will enter the AIM with a share placing price of 44p.
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