The IT services firm said it raised the funds through a placing of around 1.32mln new shares to certain existing shareholders and institutional and other investors at a price of 320p each, an 11% discount to its closing price on Thursday, through an accelerated bookbuild which will begin immediately.
The placing took place alongside a subscription of 7,813 new shares by certain directors of the company at the same price.
AdEPT said the funds will be used to “finance potential acquisition opportunities” which it said will “provide an expedited route towards growth” and expand the firm’s product and technology capabilities.
“Acquisitions are a key component of the AdEPT strategy and the Board believes that there is significant opportunity and value to be found in the highly fragmented UK managed services sector within the ICT arena”, the company added.
The money will also be used as part of the company’s strategy to reduce its indebtedness as well as for general working capital.
AdEPT also provided a brief update on current trading, which it said was “in line with consensus market expectations” and that it expected to pay a final dividend in its results for the year ending 31 March.
The shares were 10.6% lower at 322p in late-afternoon trading on Friday.
–Adds result of placing and updates share price–