EW Group falls on issue of new shares

Shares in training and consultancy firm EW Group dropped almost 15 per cent of their value on Tuesday after the company issued just under 62.68m new ordinary shares at a subscription price of 1.0p each.

Shares in training and consultancy firm EW Group dropped almost 15 per cent of their value on Tuesday after the company issued just under 62.68m new ordinary shares at a subscription price of 1.0p each.

The £626,750 proceeds will be used to support the company's existing investment strategy, including providing further support to its largest investment to date, European Wealth Management Group, by way of a loan totalling £625,000.

The unsecured loan carries an interest of 10% per annum and is repayable one year after the date of the drawdown.

EW said European Wealth's assets under management have increased nearly fourfold to $0.6bn over the past year, with at least another $100m expected in the next six months.

The share price fell 14.81% to 1.15p by 09:20.

NR

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