New York (PRWEB) December 8, 2009
Wren Extra Care Group Plc, a London Stock Exchange Alternative Investment Market (AIM) listed provider of independent retirement living, entered into a £3 million Equity Purchase Agreement Facility (“EPA Facility”) with a Southridge advised fund. The EPA Facility allows Wren, at its own discretion, to raise up to £3 million of equity capital in drawdowns over a three year period.
“Southridge’s investment philosophy is focused on finding well run and growing international business opportunities. We are delighted to announce this relationship with Wren Extra Care Group Plc. We provide our portfolio companies with a wide array of financial services including the ability to raise capital on preferential terms. We believe we have accomplished this goal through the EPA Facility, which will allow Wren to continue to execute their strategy in what is clearly an attractive and high growth market in the United Kingdom,” said Stephen Hicks, Chairman of Southridge LLC.
Since the use of the EPA facility is entirely at Wren’s discretion, the Company can control the timing, size and pricing levels for any drawdown and is not obliged to utilize the EPA Facility. The Group now has a pipeline of 177 units with approval following the recent granting of planning consent for 50 ‘Extra Care’ units in Wallington, Surrey. Securing access to this additional source of capital is timely as Wren finalizes plans to move to the next stage in the development and completion of its ExtraCare pipeline.
“We are extremely pleased to have attracted a new institutional investor to the Wren growth story, particularly so given the selectiveness of investors in the current environment. Wren’s goal in securing the EPA Facility is to have in place a facility that will enable the Group to raise capital efficiently at higher valuations, as it moves its ExtraCare development program on to the next stage and communicates positive progress. Having observed the successful use of the EPA facility by a number of other AIM companies, we are confident that this facility will provide a useful funding instrument for Wren,” said Paul Treadaway, Chief Executive Officer and Founder, of Wren Extra Care.
Southridge seeks strategic investments in emerging growth areas, including green technology, healthcare and international markets. Southridge LLC has successfully participated in financings in markets ranging from the Wren equity line in the United Kingdom, to technology companies based in China and listed on United States domestic exchanges.
About Southridge LLC
Southridge LLC is a diversified financial holding company offering a wide range of products and services, including Fund Management, Investment Banking, Merchant Banking, Wealth Management and Business Solutions. For more information please visit http://www.southridgellc.com.