UK-based hedge fund company Manolete Partners PLC secures 16.3 million pounds ($20.8 million) through placing new ordinary shares.
Manolete Partners offered to sell 9.3 million new shares at $2.23 per share, and offered 7.5 million existing shares at the same price, raising $16.7 million for selling shareholders.
The proceeds from the placement will be used to accelerate the company's growth while allowing it to further invest into claims, accept higher value claims and invest in operational upgrades.
Manolete Partners, which plans to list its shares on Alternative Investment Market, will trade on December 14. The company has a market capitalisation of $93.4 million.