LONDON (Alliance News) - Countryside Properties PLC Wednesday said a group consisting of executives and non-executives acquired shares at 225 pence each 2.25 per share through the intermediary offer last Friday, as the group's shares began trading.
Chairman David Howell acquired 17,000 shares and non-executive directors Richard Adam, Amanda Burton and Sally Morgan acquired 9,445, 9,823, and 9,444 shares respectively.
Graham Cherry, chief executive of new homes and communities, acquired 7,555 shares.
The housebuilder and regeneration company made its debut on the London Main Market on Wednesday. Its shares were trading up 0.1% at 236.25 pence on Wednesday, well ahead of the 225.00p initial public offering price. The IPO price had been set at the lower end of a guidance range of 225.00p to 275.00p and gave the property group a market capitalisation around GBP1.01 billion upon admission.
Countryside raised around GBP304.0 million from the IPO. The company received net proceeds of around GBP114.0 million, GBP64.0 million of which will be used to pay down debt and GBP50.0 million of which will be used to accelerate growth in the development of existing assets. Investment manager Oaktree Capital Management and other selling shareholders will receive gross proceeds of GBP174.0 million from the offer.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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