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(Alliance News) - Business-to-business media and events firm Ascential PLC on Tuesday said it had raised GBP153 million via a share placing.
The London-based firm said 35.5 million new shares were placed at 432 pence each, a 4.9% discount to its closing price on Monday. Shares in Ascential were down 8.5% at 416.00p in London in afternoon trade, making the stock the second worst performer in the FTSE 250 on Tuesday.
The shares issued represent just under 9% of the company's existing issued share capital prior to the placing.
Ascential had unveiled plans for the placing alongside interim results late Monday, which showed revenue jumped 37% to GBP175.1 million from GBP127.9 million a year ago.
JPMorgan Cazenove and Numis Securities Ltd acted as joint bookrunners.
The media business anticipates that the raised funds will offer it "balance sheet flexibility" and extra cash for its M&A strategies.
By Josie O'Brien; josieobrien@alliancenews.com
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