Jet2 owner Dart Group raises £172m in placing to weather Covid

21st May 2020 09:10

(Sharecast News) - Dart Group has raised £172m in a placing to help the Jet2 owner weather the Covid-19 pandemic.
Dart, which also owns distribution and logistics business Fowler Welch, placed just under 29.8m shares at 576.5p. The placing was "significantly oversubscribed", it said.

Executive chairman Philip Meeson said: "The group is grateful to both existing shareholders and new investors for their significant support of this equity issue at no discount to the prevailing share price.

"The board believes that the proceeds of the placing, together with the recently confirmed Bank of England £300m Covid Corporate Financing Facility (currently undrawn) and the group's fully drawn revolving credit facility of £100m, will provide the group with additional headroom to deal with this most challenging of trading environments."

Canaccord Genuity acted as joint global co-ordinator, joint bookrunner and joint broker, and Barclays and HSBC acted as joint global co-ordinators and joint bookrunners.

At 0910 BST, the shares were up 14.5% at 660p.