Jon Moulton’s Better Capital will raise £67m in LSE listing

Steve Dinneen
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JON Moulton’s Better Capital will raise £67m as it steps up to the main London Stock Exchange market, just six months after listing on Aim.

The group hopes to attract more investors attracted by the stricter regulatory stipulations in place for main market-listed firms.

It will issue 64.3m new shares at 105p each – a discount of five per cent on the stock’s closing price on Wednesday.

The former head of Alchemy Partners has already bought the iconic Reader’s Digest out of administration and acquired aerospace manufacturer Gardner for £20m.

Moulton told City A.M.: “We always said we would list on the main market, which is required by some institutional investors. We have also had interest from retail investors.

He added: “The money raised in the listing will be spent on deals – hopefully very good ones. We are reasonably comfortable with the deals we have made so far.”

Moulton raised £142m when he floated Better Capital on Aim, just weeks after his shock departure from Alchemy last September.

Moulton recently joined the ranks of business leaders who have thrown their weight behind our campaign against a rise in capital gains tax.