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The U.S. government pressure group has selected a small London market to create a list that has the advantage of raising less money on Aim compared to the larger population markets in the US.
The Public Policy Holding Company, a public body that has appointed prominent Republican lawyer Benjamin Ginsberg to its board, raised more than $ 30m from a float in Aim on Monday.
Ginsberg served as national adviser to President Bush-Cheney’s campaign in 2000 and 2004, as well as the 2008 and 2012 Romney Presidential campaign.
The group has brought in new investors including Bill Miller, former chairman and chief financial officer of Legg Mason, through his fund manager Miller Value Partners. The market value of the company based on the set price is £ 146m.
PPHC was developed from a combination of several companies in state and federal companies in the US. About two-thirds of the proceeds will be donated to shareholders while the rest will be used as part of the military to help raise funds to grow the business. Free shares for this group will be about 26 percent.
Stewart Hall, PPHC chief executive, said the group had no current cooperation with the UK, but added that “in the US, we do not have a market like Aim” that supports small businesses.
Nasdaq’s “growth and capital expenditure” would make it difficult to float in the market, he added, while shares listed in the UK could be used to fund the company’s future plans.
Hall said the U.S. telecommunications business was worth $ 17.6bn by 2020, “however the market for public and private affairs is dominated by small and medium-sized companies”.
He added: “We are confident that this market is ready for inclusion.”
At the end of December 31, 2020, the group had more than 700 “customer relationships” including business and non-governmental organizations across the US economy on medical and medical, financial services, energy, technology and telecommunications.
Hall said the business is focusing more on the US to buy, pointing to the need for jobs not only in Washington but also in major states. But he said the group sees “big western brands” as potential markets.
Hall said the company will use Aim to raise more funds as it becomes available, adding that the market offers “a good way to earn money” and “reliable security” to deliver what is expected.
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