SHAREHOLDERS yesterday gave their backing to Ultimate Leisure's plans to raise £25m in a share issue to fund expansion.
The bar and club operator called a meeting in the morning, during which an application for 14,792,900 new shares to be admitted to trading on the Alternative Investment Market (Aim) was approved.
Dealings in the new shares will begin next Tuesday.
Newcastle-based Ultimate intends to use the money, together with £50m of bank borrowing, to finance an aggressive, nationwide acquisition programme.
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