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SMC makes nearly £2 million from fresh share offering

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SMC Group's mastery of city trading opportunities has once again been illustrated after the group raised nearly £2 million as part of a trading deal.

The practice - which has been growing aggressively through acquisition in the last few years - has issued 1,707,400 new ordinary shares to the market through a process called placing, that raised £1.72 million.

The opportunity to buy these shares was oversubscribed and was taken up by new and existing institutional investors, thereby widening the shareholder base.

The move comes just two weeks after the company, which now has 300 staff including 140 architects, bought two more practices at a cost of over £4 million. The practice floated on the AIM exchange last summer.

Commenting on the placing procedure, Stewart McColl, SMC's chief executive and founder, said: 'The board is delighted with the level of investor support in this placing, particularly from a number of new institutional investors.

'Our shares were admitted to AIM in June 2005 and we are determined to continue to deliver value for our growing number of shareholders,' he added.

by Ed Dorrell

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