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Stobart sells 56.4% of open offer shares
25th Jun 2020 13:24
(Sharecast News) - Stobart has sold 56.4% of shares made available to shareholders in an open offer as part of its move to raise £100m.
The infrastructure company said it received valid acceptances from existing shareholders for 23.8m open offer shares representing 47.8% of the open offer shares. Shareholders also applied for 4.3m open offer shares under an excess application facility.
In total Stobart received applications for 28.2m open offer shares. The remaining 21.8m shares representing 43.6% of the offer will be allocated to investors who agreed to buy them in a placing in early June.
The owner of Southend airport sold the shares to investors at 40p each - a 42% discount to the closing price before the offer was announced. Stobart shares fell 7.9% to 36.75p at 13:31 BST.
David Shearer, Stobart's chairman, said: "We are pleased with the support we have received from our existing shareholders in the open offer. On behalf of the Board, I would like to express my gratitude to those who have provided their support. We look forward to repaying their trust in us by delivering on our strategic objectives in the coming years."
The company asked shareholders for money after failing to raise new debt or attract an investor for a stake in Southend airport, its main asset. Stobart said it needed the money to boost short-term liquidity during the Covid-19 crisis and return its aviation business to growth.
The infrastructure company said it received valid acceptances from existing shareholders for 23.8m open offer shares representing 47.8% of the open offer shares. Shareholders also applied for 4.3m open offer shares under an excess application facility.
In total Stobart received applications for 28.2m open offer shares. The remaining 21.8m shares representing 43.6% of the offer will be allocated to investors who agreed to buy them in a placing in early June.
The owner of Southend airport sold the shares to investors at 40p each - a 42% discount to the closing price before the offer was announced. Stobart shares fell 7.9% to 36.75p at 13:31 BST.
David Shearer, Stobart's chairman, said: "We are pleased with the support we have received from our existing shareholders in the open offer. On behalf of the Board, I would like to express my gratitude to those who have provided their support. We look forward to repaying their trust in us by delivering on our strategic objectives in the coming years."
The company asked shareholders for money after failing to raise new debt or attract an investor for a stake in Southend airport, its main asset. Stobart said it needed the money to boost short-term liquidity during the Covid-19 crisis and return its aviation business to growth.