The parent company of City firm Rosenblatt Limited is due to issue almost 10 million new shares following the acquisition of a specialist international practice.

RBG Holdings plc completed the acquisition of Memery Crystal LLP on Friday under a £30m deal, comprising £12m in cash, £11.2m in RBG shares, and a further £6.8 million in cash on the six and 12-month anniversary of completion.

In order to honour the agreement, RBG Holdings will issue 9,739,130 new ordinary shares of 0.2p each. The new shares are subject to a three-year lock-in agreement, including a prohibition on transfer. The shares are expected to be admitted to London’s Alternative Investment Market (AIM) tomorrow at 8am and, following admission, the group will have 95,331,236 ordinary shares in issue.

London-based Memery Crystal has 29 partners and will retain its own brand identity and offices. The firm’s current managing partner Nick Davis will continue in the role.

RBG Holdings shares rose 8% this morning to 130p, up from 68p this time last year.