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AFH raises GBP658,500 in private placing

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IFA firm AFH has received firm commitments in a private placing for a total of 658,500 ordinary shares of 10 pence each at a price of GBP1.00 per share to raise GBP658,500.

The ordinary shares will be issued to subscribers on receipt of the cleared funds and completion of SIPP account arrangements.

The proceeds of the fundraising will be used to provide additional working capital for the company and to finance potential future acquisitions.
 
AFH has granted options to members of staff, IFAs within AFH and to John Wheatley and Toby Denne, both directors of the company. The options were granted over a total of 341,764 ordinary shares, representing approximately 2.42 per cent of the current issued share capital of the company. 

All options are exercisable at a price of GBP1.00 per ordinary share, with a three year vesting period and are exercisable at any time after the vesting period until the expiry date of 31 July 2022. Wheatley and Denne have both been granted 5,000 options each on the same terms as detailed above.
 
A further announcement will be made to the market on completion of the placing.

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