JTC PLC to Raise Up to $80 Mln to Part-Fund SALI Acquisition

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By Joe Hoppe

JTC PLC said Wednesday it will raise up to 80 million pounds ($109.0 million) in a placing of ordinary shares, to part-fund the acquisition of U.S.-based fund and structuring administration services provider SALI.

The provider of fund, corporate and private client services said it will place shares representing no more than 10% of its issued share capital.

The exact number of shares and price per share will be determined at the close of the bookbuilding process. Shares in JTC closed Wednesday at 718.0 pence.

Numis Securities Ltd. and Joh. Berenberg, Gossler & Co. KG are acting as joint bookrunners in the bookbuilding process, which will begin with immediate effect.

The bookbuild and the $236.0 million acquisition, which JTC announced separately, aren’t conditional upon each other. JTC said the acquisition provides increased scale in the U.S. fund services market, is complementary to existing operations and is expected to deliver mid-single digit earnings per share in 2022.

Should the acquisition fail, JTC intends to invest the proceeds on a short-term basis while it acquires other acquisition opportunities.

Shares are expected to be admitted to trading around Oct. 22. The acquisition of SALI is expected to occur at the end of October.

Write to Joe Hoppe at joseph.hoppe@wsj.com