Friday March 6, 2020

FRP commence trading on AIM

FRP is pleased to announce that admission of its shares to trading on the AIM market of the London Stock Exchange (“Admission”) took place and dealings commenced at 8.00am today under the ticker FRP. The ISIN for the ordinary shares is GB00BL9BW044 and the SEDOL is BL9BW04.

Highlights:

The successful placing with institutional investors raised gross proceeds of £80 million at a placing price of 80 pence per share:

• £20 million raised through the placing of new ordinary shares
• £60 million raised for selling shareholders through the placing of existing ordinary shares

The net proceeds from the £20 million placing of new ordinary shares will principally be used by the Company to strengthen its balance sheet and to fund opportunistic acquisitions. On Admission, the Company will have a market capitalisation of £190 million and 237,500,560 ordinary shares in issue.

Cenkos Securities plc is acting as Nominated Adviser and Broker, and Sole Bookrunner in relation to Admission. The Company’s admission document is available to view here.

Geoff Rowley, Chief Executive Officer of FRP said:

“We are delighted to commence trading on AIM, having received an excellent reception during our IPO. Today is a significant milestone for FRP Advisory and the next important step in our development as we continue to attract new talent and expand our profile, market share and office footprint.”

“I would like to thank our new investors, colleagues and business partners for their ongoing support and look forward to working with them during the next phase of our growth journey.”