(Alliance News) - JTC PLC on Thursday said it raised GBP62.0 million through a placing of 8.9 million shares at 700 pence per share each.

The placing price was a 3.0% discount to JTC's close on Wednesday of 722.00p. JTC was trading 1.9% higher at 736.50 pence in London on Thursday. It has a market capitalisation of GBP1.10 billion.

The Jersey, UK-based fund manager said cash from the share sale, first announced late Wednesday, will be used to fund the acquisition of TC3 Group Holdings Ltd, trading as South Dakota Trust.

South Dakota Trust Co is a South Dakota, US-based personal trust sector-focused administration services provider.

JCT said the acquisition, costing up to USD270 million, will be funded by the company's existing cash reserves, debt facilities, and the proceeds of the placing, which represents 6.0% of JTC's current issued share capital.

The 8.9 million shares were placed by Numis Securities Ltd and Joh Berenberg Gossler & Co KG.

JTC Non-Executive Director Kate Beauchamp participated in the placing, acquiring 14,285 shares. The purchase is her only holding.

Chief Executive Officer Nigel Le Quesne: "SDTC is a high quality business with a very attractive financial profile, uniquely experienced management and provides access to a sticky client base of about 1,700 high net worth and ultra-high net worth clients with a large intermediary network."

By Will Neill, Alliance News reporter

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