LONDON (Alliance News) - Cobham PLC on Tuesday said members of its board subscribed for shares as part of the FTSE 250 company's rights issue, completed on Friday.
Cobham last Friday said it had secured 100% take-up of its rights issue of shares after the underwriters managed to place all remaining shares via the rump placing.
Cobham makes satellite communications equipment, microelectronics products and air-to-air refuelling technology for the aviation, maritime, defence and space sectors. It first said it would raise funds in April in a bid to shore up its finances after it issued a profit warning for the year ahead.
It then detailed those plans in June, saying it would raise GBP506.7 million through a fully-underwritten, one-for-two rights issue. Cobham issued 569.3 million shares at 89.00 pence per share in the rights issue.
Chief Executive Officer Bob Murphy subscribed for 76,356 shares and Chairman John Devaney for 15,000 shares. Senior Independent Non-Executive Director Mike Wareing subscribed for 10,000 shares and Chief Financial Officer Simon Nicholls for 14,898 shares.
In addition, non-executive directors Michael Hagee, Alison Wood, Birgit Noergaard, Jonathan Flint and Alan Semple each subscribed for 2,500 shares.
The total shareholdings of the directors after the subscriptions were undisclosed.
Cobham shares were down 2.0% at 145.70p Tuesday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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