The Board of Ultimate Finance Group PLC (UFG) is pleased to announce that its offer for subscription of up to 5,300,000 new ordinary shares at 15p each closed on 21 May 2004 and was oversubscribed.
The combined net proceeds of the offer for subscription and the company's recent placing amounted to Ј1.15 million, strengthened the company's capital base, enhanced its borrowing capacity and enabling it to fund its growing factoring and invoice discounting books.
The company also intends to expand its sales force and continue to build its customer portfolio at a quicker pace than hitherto. Brian Sumner chief executive said: "We have made significant progress since coming to AIM in 2002 and with funding now in place, the company can accelerate its strategy of addressing significant opportunities in the rapidly growing UK factoring market."
