Van Elle has today listed its entire issued ordinary share capital of 80,000,000 ordinary shares of 2 pence each on the alternative investment market (AIM) of the London Stock Exchange.
The listing has raised £40m by placing 30 million existing ordinary shares and 10 million new ordinary shares with investors at a placing price of 100 pence per share. Market capitalisation on admission, based on the placing price, is £80m.
The directors said that admission to AIM would “position Van Elle for its next stage of development”, raising its profile, incentivising employees and providing “a well-funded platform for future growth”.
Chief executive Jon Fenton said: “We have a clear three-pronged strategy for growth centred on growing market share, developing new products, services and geographies and targeting bolt-on acquisitions. As a quoted company we will be able to fast-track the implementation of that strategy and I look forward to reporting on our progress as we embark on the next stage of our exciting journey.”
Chairman Michael Ellis, who founded the company in 1984, added: “We are absolutely delighted to have successfully brought Van Elle to the AIM market. We have worked tirelessly over the last 32 years to build the company into the established market leader that it is today. There is significant opportunity ahead and admission to trading on AIM will help us to accelerate the growth of the business.”