Fundraising to support growth ambitions
Hercules has announced a placing and subscription to raise gross proceeds of £8m, strengthening the balance sheet and supporting future growth ambitions. The funds have been raised from two successful entrepreneurs and existing institutional investors.The fundraising has been supported by two successful entrepreneurs, Martin Tedham, majority shareholder of Wasdell Packaging Limited (a £75m revenue business) and Ged Mason OBE, who has decades of experience in the recruitment sector as CEO of Morson Group.
Ged Mason will own 9.5% of Hercules’ enlarged issued share capital on completion, and Martin Tedham will have an interest in 12.7% of the enlarged ISC and will join the Board as a Non-Executive Director.
With a strengthened balance sheet, the Group looks well-positioned to capitalise on improving market conditions with ambitions to accelerate growth via selective M&A.
We retain a high level of conviction in Hercules’ ongoing growth potential and increase our fair value / share from 55p to 60p.
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