London Stock Exchange today welcomed Mortgage Advice Bureau to AIM

London Stock Exchange today welcomed Mortgage Advice Bureau (Holdings) plc to an opening ceremony, marking the admission of its shares to trading on AIM.

Mortgage Advice Bureau (MAB) is one of the UK’s leading networks for mortgage intermediaries with over 110 Appointed Representatives and over 600 Advisers.

The company commenced dealings on AIM under the ticker MAB1 at 8am this morning, following a successful fundraising, which raised gross proceeds of £36.3m for the selling shareholders at a placing price of 160p per share. Based on the placing price, the total market capitalisation following admission was £80.8m.

Peter Brodnicki, CEO of Mortgage Advice Bureau, commented:

"We are delighted that MAB has received such strong demand from investors, despite recent turbulent market conditions, recognising MAB’s position as a leading UK mortgage intermediary brand and network.

"Our admission to AIM will provide us with a strong platform from which to build on our success to date by supporting the growth of our Network and Franchise Partners, and with a view to attracting more high quality and strongly performing intermediary firms into our two propositions.

"Mortgage intermediaries play a very important role in the mortgage and protection advice process. Since the introduction of MMR the intermediary market share has increased and I expect it to increase further."

Canaccord Genuity is acting as nominated adviser and broker in respect of the placing, with MHP Communications advising on media relations and financial PR.