Duke Capital Ltd on Friday said it has fundraised £23.5 million, beating an initial minimum target of £15 million.

The Guernsey-based company is a provider of capital solutions to small and medium-sized business owners in Europe and North America.

Due to over subscription, it has chosen to upscale the maximum size of its retail offer to £5.0 million from £3.0 million to allow more allocation to retail investors.

The company said it has conditionally raised £23.5 million in fundraising from the placing, subscription, retail offer and broker option.

Conditional on the passing of a resolution at the extraordinary general meeting, the company will issue around 85.5 million new shares comprising 56.8 million for the placing, 18.2 million from the retail offer, 5.7 million for the subscription and 4.7 million for the broker option.

Following admission of the new shares, the company will have 509.8 million shares in issue.

Shares in Duke Capital closed down 2.6% to 28.00 pence in London on Friday afternoon.

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