Medserv dual issue has closed successfully allowing the company to move ahead with its acquisition plans.

“The bond issue closed earlier this month. The Lapsed Rights Offer opened on January 22 making a number of Lapsed Rights available to the public. The opportunity to subscribe to these Rights closed on January 27. Trading in the new shares is expected to commence tomorrow,” Medserv said in a statement.

The majority of the net proceeds from the dual issue will be used to finance the balance of the purchase price due in respect of the METS Acquisition, which is expected to conclude on February 23. The remaining balance of proceeds will be used to repay its bank overdraft facilities as well as to finance improvements and/or the development of the group’s existing and new bases.

“We would like to take this opportunity to thank the intermediaries, shareholders and public that participated in the dual issue. We are excited about the opportunities the acquisition presents us with. We look forward to continuing to grow the business in line with our expansion strategy with the firmest of commitments to continue to bring in value to our investors,” said Medserv plc executive director Anthony Duncan.