Arbuthnot raises £12 million via oversubscribed placing and subscription
April 2023
Arbuthnot Latham was founded on 13 May 1833 by Alfred Latham and John A. Arbuthnot at 33 Great St Helen’s, Lime Street in the City of London. Originally starting as a general merchant business, it soon began involving itself in finance and lending operations.
In 1981 the Arbuthnot family’s involvement with the bank ended, with its purchase by Dow Scandia; a consortium majority owned by the Dow Chemical Company. It was at this time that Henry Angest joined the bank. Shortly afterwards, Dow had sold Arbuthnot Latham.
By 1990, the business had had four separate owners and the Arbuthnot Latham name had been retired. After successfully leading the management buyout of Secure Homes, Henry Angest acquired Arbuthnot Fund Managers (and thereby the Arbuthnot Latham name) in 1991, and then in 1994 acquired Aitken Hume Bank for an estimated £3.2million. In August 1994, Aitken Hume Bank was renamed Arbuthnot Latham & Co.
Fundraising
The £12 million fundraising was secured by way of a Placing of and Subscription for 1,297,297 New Ordinary Shares at 925 pence each.
The fundraise includes a conditional agreement with Henry Angest who has agreed to subscribe for 729,843 shares at the placing price, to raise £6.8 million.
The proceeds will be used to help the company maintain its current loan growth momentum in 2023 and beyond. It will also strengthen the company’s ability to take advantage of the opportunities that are expected to emerge given the current conditions in the non-bank lending markets despite the increase in the countercyclical capital buffer in July 2023 from 1% to 2%.
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The Perivan shareholder communications team was delighted to work with Shore Capital who acted as Financial Adviser to Arbuthnot on the successful production and publication of the fundraising documentation which was posted to shareholders on 18th April 2023.
Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies, private companies, and open and closed-ended funds.
