The company, which has been granted a banking licence, raised £10mln (gross) by placing shares at 25p each.
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The issue price of 25p was 1.3p below last night's mid-market price, and the company intends to allow existing shareholders to buy in at this cheaper price by means of an open offer to raise up to an additional £500,000.
There will be an over-allotment option and the new shares will be entitled to the recently announced dividend payment of 0.1p a share.
The funds raised by the shares issued will allow the group to maintain the level of regulatory capital and liquidity it is required to hold by the banking authorities in order to hold a banking licence.
The net proceeds will be used to purchase high quality liquid assets to maintain predetermined liquidity ratios for retail deposit taking and operate comfortably within the relevant regulatory capital regime.
The funds will also provide adequate capital for growth plans over the medium term as well as providing working capital to support the costs of mobilisation, including information technology infrastructure.
"I am very pleased to confirm the successful result of the placing, which illustrates the market's support for PCFG's growth prospects and the opportunities provided by the banking licence. This funding will allow us to secure liquidity ratios recommended by the PRA and FCA, but most importantly achieve a critical component of the bank mobilisation process as the company prepares to become a regulated deposit taker,” ,” said Scott Maybury, chief executive officer of PCFG.
“It was also important to the company to include an open offer element to the placing, providing an opportunity for our minority shareholders to participate alongside institutions.
"I look forward to updating shareholders on the next chapter in the company's development as we take our first retail deposits this summer and significantly scale up our loan portfolio. This increased scale will allow us to support even more SMEs in financing vital assets, as well as helping more consumers access finance for motor vehicles," he added.
Shares PCFG were unchanged at 26.5p in afternoon trading.
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