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MAM Funds plans to raise up to GBP20m

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MAM Funds, the AIM quoted fund management group, has agreed in principle to strengthen the existing management team and raise additional capital.



The group has proposed to appoint Ian Dighé as executive chairman, Gervais Williams as managing director and Graham Hooper as distribution director.

It also plans to raise up to GBP20m new equity at 33p per share.

The proposals are subject to finalisation, shareholder approval, consent of Lloyds Banking Group, necessary regulatory consents and completion of fundraising
 
Colin Rutherford, chairman and chief executive of MAM Funds, says: “Since taking over the helm, the group has undergone a significant turnaround. Non-core businesses have been divested and the focus is now firmly on fund management. We now have a stable platform and with the proposed new equity investment and the addition of new management of the calibre of Gervais Williams and his colleagues, the business is well placed for the next stage of its development.
 
“These proposals mark a watershed for MAM Funds as we move firmly out of reconstruction mode, having maintained our quoted status, and towards operating with a planned debt-free balance sheet. In handing over to the new team, I would like to pay tribute to the support of Lloyds Bank, all staff at MAM Funds, our customers and stakeholders for their support through the reconstruction phase.”

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