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Grainger PLC - Newcastle-based residential landlord - Proposes placing of up to 67.4 million shares, representing 10% of the issued share capital, through an accelerated bookbuild. The placing is expected to raise around GBP216 million, implying a price of 320.47 pence per share. Including additional debt of GBP144 million based on the company's loan-to-vale target range, Grainger will have funding capacity of GBP360 million. The proceeds will be used to fund two recent acquisitions worth GBP95 million, and buy at least two more properties in the pipeline. JPMorgan Securities PLC and Numis Securities Ltd are joint bookrunners.
Current stock price: 325.00 pence
Year-to-date change: up 15%
By Ivan Edwards; ivanedwards@alliancenews.com
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