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(Alliance News) - Hammerson PLC on Friday said it has received acceptances from shareholders to buy 3.49 billion new shares as it looks towards strengthening its financial position.
This represents 95% of the total number of shares offered in the company's GBP552 million right issue, launched back in August.
The shopping centre owner had said the rights issue was to strengthen its financial position, reducing debt and providing liquidity headroom and financial flexibility as it continues to refocus its portfolio towards flagship destinations in the UK and Ireland.
Hammerson said at the time it was "pro-actively" taking measures to deal with the "substantial" impact on its business, driven by major structural changes to the retail industry, which have been exacerbated by the effects of Covid-19.
JP Morgan Cazenove and Morgan Stanley are to find buyers for the remain 189.1 million shares by no later than the London market close on Monday next week.
With regards to the remaining shares, any premium achieved over the UK issue price of 15 pence per share, or the South African issue price of ZAR3.41 per share, will be paid to the shareholders who didn't take up their rights.
Hammerson was up 0.8% at 16.77 pence early Friday in London and up 5.2% in Johannesburg at ZAR4.90.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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