LONDON (ShareCast) - (Sharecast News) - Personalised products marketplace operator Altitude Group has entered into a binding asset purchase agreement for the acquisition of the membership-based trade group of the independent promotional products distributors business of Advertising Industry Mastermind Group for a maximum consideration of $5m, it announced on Friday.
The AIM-traded firm also announced that it intended to issue 10,294,11 new ordinary shares at a price of 68p each, to raise £7m.

It said the placings comprised a proposed firm placing of 5,334,525 shares utilising the Company's existing shareholder authorities to issue new shares on a non-pre-emptive basis for cash, and a conditional placing of 4,959,593 shares subject to shareholder approval at a general meeting.

Peter Hallett, Graeme Couturier, Martin Varley and Keith Edelman - directors of Altitude Group - intended to participate in the placings for approximately £0.25m in aggregate.

"The placing is being conducted through an accelerated bookbuilding process, which will be launched immediately following this announcement," the Altitude board said in its statement.

"FinnCap is acting as sole broker in connection with the placings."

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