This marriage of two AIM-sewer-listed companies gets dumber and dumber by the day.
When professional services group, Ince (INCE), announced that it was buying its own, subscale, Nomad Arden Partners (ARDN), I suggested this posed such humungous conflicts of interest that it was a duff deal. Ince, advised by Arden, disagreed. Ho. Ho. Ho.
Two days ago Ince (INCE) the provider of legal and other corporate services announced an all share offer for sub scale Nomad Arden (ARDN). I flagged up then that this was a sign of a top of the market and also that there were bound to be conflicts of interest which would make this deal a nightmare not a blessing. Those COIs have cropped up sooner than expected and shares in Ince were suspended yesterday.
Legal and professional services group Ince (INCE) has updated that “it has successfully completed the Bookbuild which is now closed”, with CEO Adrian Biles stating “the funds raised will ensure that the group can continue to capitalise on market opportunities, including new lateral hires. The group has recently been joined by a number of very high calibre partners and fee earners and we are on track to deliver outstanding growth. I am very pleased that so many of our existing investors and some new institutional shareholders have supported this fundraise albeit at a significant discount to the market price of the company's shares, which is an unfortunate feature of the current market conditions”. Er!…
“The Ince Group plc (AIM: INCE), the international legal and professional services company, is pleased to announce a proposed placing by way of an accelerated bookbuild to raise a minimum of £12 million (before expenses)… In particular, the group wishes to continue with its programme of partner recruitment, especially in the overseas offices to bolster and enhance their existing practices. Opportunities to make lateral and team hires are coming to the group”. So growth capital then – and the shares last closing at 89p, so with 37,326,730 in issue, a £33.2 million market cap. Not too bad a fundraising price then?...
