FINANCIAL services group Walker Crips will use a multi million pound windfall from the sale of its asset management business to expand the company, it said yesterday
The 99-year-old outfit, which offers a variety of financial services, yesterday said it had pulled the trigger on the conversion of unsecured loan stock, giving it £6.6m in additional funds to boost the firm’s growth prospects.
The funds come from the sale of its asset management business to Liontrust Asset Management in April 2012.
Liontrust issued £4m of share options, known as convertible unsecured loan stock, to the company on top of £6m in cash and Liontrust shares.
Walker Crips yesterday said it swapped £3.3m of the share options, selling them onto the market for £6.6m. It had previously converted £900,000 of the options in March.
Chief executive Rodney FitzGerald said the net proceeds would be used to drive “growth and expansion.”
Investors sent Walker Crips Group up 7.14 per cent by the close of trading yesterday.