Integrated Legal Holdings (ILH) has announced a successful capital raising comprising a share placement of $1.11 million and a share purchase plan for existing shareholders.
Managing director Graeme Fowler said the success of the placement is a reflection of industry confidence in ILH's strategy and business model.
Fowler was particularly pleased at the number of new investors attracted by the placement, as well as the support shown by senior managers and directors.
The additional funds will be used to finance additional acquisitions and provide general working capital to be invested into strategies aimed at ILH's expected continued growth.
"The company's annualised operating revenues are presently around $21 million compared with operating revenue of $16.95 million in FY2009," said Fowler.
"The additional share capital puts the company in a strong financial position, enabling it to continue to execute its objectives of establishing a national network of leading legal services businesses for the mid, SME and high net worth client markets."
Guided by Taylor Collison Limited and TC Corporate Pty Limited, ILH agreed to place 11.1 million shares at $0.10 per share, as well as provide existing shareholders with the chance to take part in a share purchase plan and subscribe for $15,000 worth of company shares at the same price as the placement.
"With this placement, combined with our existing debt facilities, we are now well placed for continued growth," said Fowler.