PRI Group plc
We are pleased to welcome PRI Group onto our AIM market. PRI Group is an insurance business.
PRI Group is a newly formed enterprise which the Directors want to build into one of the leading insurers in the professional liability sector of the UK insurance industry. They will pursue a focused underwriting strategy principally in respect of professional indemnity, directors and officers liability, warranty and indemnity and general liability insurance. The primary target clients of the group are intended to be UK based entities in the SME market, mid-size professional practices and where appropriate in the larger corporate sector.
The proceeds of the placing will be used to:
- support the underwriting capacity of the group
- to satisfy the FSA and rating agency requirements in respect of the capital of the group
- to fund the acquisition of the FSA authorised insurance company and
- for general working capital purposes.
Placing price107p
Number of ordinary shares being issued7,800,000
Number of placing shares being issued122,200,000
Number of ordinary shares in issue following the placing 130,000,000
Estimated expenses of the placing5.8m
Estimated net proceeds of the placing receivable by the company125.0m
Percentage of the enlarged ordinary issued share capital available in the placing94.0%
Market capitalisation at the placing price139.1m