SHARES in listed legal business Ince Group plunged nearly 50 per cent yesterday after the firm raised £12m via a share placing.

Ince's share price plunged 47 per cent to 46.5p yesterday after the new shares were offered at 45p.

Ince — formerly Gordon Dadds —last year bought the UK arm of the much larger firm Ince & Co.

Chief executive Adrian Biles said yesterday's fundraising "marks the completion of the Ince merger".

Biles said the low offer price was "an unfortunate feature of the current market conditions".

Ince's share price has fallen 65 per cent since August last year.

(c) 2020 City A.M., source Newspaper