Walker Morris has advised N+1 Singer as the nomad and broker on a proposed placing for Instem plc to raise £5m.
Instem is a leading provider of IT solutions to the global early development healthcare market and is proposing to use the funds for strategic acquisitions and enhance its organic growth.
The funds will be raised through the placing of 2,500,000 new ordinary shares at 200 pence per share. In addition to the placing of new ordinary shares, the DG 2008 discretionary settlement (of which David Gare, chairman, is a trustee) and David Sherwin, non-executive director, have agreed to sell 600,000 and 200,000 existing ordinary shares, respectively, at the placing price.
