The company, which specialises in apartment developments, has conditionally raised £3m through the issue of over 8m shares at a price of 36 pence each.
In addition to this, the directors of the company Peter West and Paul Treadaway, who own the majority of the shares, will also realise a part of their holding in the company.
They will make £2.8m through the sale of over 7m shares, which represents 19.2% of the new share capital.
A spokesperson for Wren said: “By reducing their stake in the company the directors are providing more liquidity and trading in the stock going forward.”
In the year ended 31 July 2006, Wren made a profit before tax of £1.72m on turnover from a turnover of £3.35m.
The past year has been a period of transition as Wren focuses on the retirement market and brings to completion its first major project of 28 apartments in Warlingham, Surrey.
The company is now focusing on the retirement market in the South East of England.
Wren will cease trading on PLUS on November 29 and will commence on AIM the following day.
© Crimson Business Ltd. 2006
