Listed Australian firm Slater and Gordon says it has raised the money needed to buy Quindell’s professional services division (PSD) within three days.
The firm announced to the Australian stock market earlier today that it has raised around £310m through the issue of 95.5m new shares.
The entitlement offer was made on Monday and completed yesterday, with around 80% of eligible existing shareholders opting to participate in the share offer.
The money raised will be two-thirds of the new cash needed to complete the Quindell deal, with the rest coming from a banking facility.
Slater and Gordon managing director Andrew Grech (pictured) said: ‘We are very pleased with the terrific level of demand from both our existing shareholder and new investors.
‘Feedback from the investment community in the past week has been very positive. There is a high level of support for the strategic rationale underlying the PSD acquisition and our ability to successfully optimise the business.’
The new shares were issued at a A$6.37 per share (around 325p) and by close of trading today were valued at A$7.85 per share.
Meanwhile, the firm has said it has no concerns about Quindell temporarily suspending trading to correct a mistake in its announcement about the sale on Monday.
A separate announcement said: ‘Slater and Gordon confirms that this does not change any disclosure made by Slater and Gordon in respect of the Quindell PSD acquisition, as all financial information contained in Slater and Gordon’s disclosure materials was based on Slater and Gordon’s own assessment of that information.’