Empresaria raises funds

Thu, 30 Apr 2009

International recruiter Empresaria Group has conditionally raised £2.8m through an oversubscribed placing of new shares at 28p per share.

The funds are to grow its international businesses and enable it to maintain the infrastructure and management resource required to take advantage of any economic turnaround.

Tony Martin and Miles Hunt, chairman and chief executive respectively, are participating in the placing, with Tony Martin investing £1m to purchase 3,571,429 new shares.

Hunt says: “The new funds raised will give us greater financial flexibility and better enable us to support some of our growing businesses in emerging markets, as well as strengthen the group in anticipation of the inevitable and eventual market upturn.

“Raising new funds at a share price materially higher than the one month and three month average closing prices reflects a high level of support from shareholders and investors and is an indication of their confidence in the future prospects of the group.”

Approval from shareholders will be sought at an EGM on 18 May.