Alpha is pleased to announce the admission of its ordinary shares to trading on the AIM market of the London Stock Exchange. Dealings will commence at 8:00 a.m. today, under the ticker "AFM" and the ISIN GB00BF16C058.
The Company has raised £125.4 million through the placing of 22,017,652 new and 56,364,512 existing ordinary shares at a price of 160 pence per share. Berenberg acted as Sole Global Coordinator and Broker for the transaction and Grant Thornton UK LLP as Nominated Adviser.
Alpha is a leading global provider of specialist consultancy services to the asset and wealth management industry. With over 250 consultants and contractors across nine major cities, Alpha has provided consultancy services to 17 of the 20 largest global asset managers by AUM and 60 per cent. of the top 50 as at 31 March 2017.
Alpha has enjoyed substantial growth in the last six years, driven principally by strong market demand for its established product offering, which combines industry-leading consulting expertise with detailed proprietary benchmarking data. UK private equity firm Dunedin invested in the business in February 2016. Alpha is well-positioned for continued growth, driven by underlying growth in assets under management, rising cost pressures, regulatory and technology change and continuing consolidation in the asset and wealth management industry.
Commenting on Admission, Euan Fraser, Chief Executive Officer of Alpha, said:
"We are delighted to begin this new chapter as a public company on AIM. We are very confident that being a public company will best suit our future growth objectives and allow us to build on the fabulous culture we have created at Alpha. We look forward to continuing our geographic and market expansion in the asset and wealth management sector.
I would like to take this opportunity to thank our fantastic team of consultants. We have created a wonderful reputation for quality and this success is a testament to their commitment and hard work.
I would also like to thank Dunedin for their support over the last two years. I look forward to working closely with our new investors and keeping the wider market informed of our continued progress."