NORTHBRIDGE INDUSTRIAL SERVICES (AIM:NBI) – an AIM company takes a different route to raising
Northbridge Industrial Services, the AIM quoted industrial services and rental group, probably hasn’t endeared itself to its broker with today’s announcement to raise up to £2m by way of an Open Offer.
The ‘traditional’ route for AIM companies to raise money has been by means of a private placement under the expert guidance of its broker, who also secures a nice fee in the process! Northbridge needs the money to expand its existing hire fleet which is probably being stretched as a result of the growth in the Middle East. The pricing is at 110 pence per share, a 9% discount to the current price, and the company has already received irrevocable commitments from its largest shareholder, Western Selection and certain Directors, to subscribe for 52.7% of the Open Offer Shares. So…