Oct 28 (IFR) - John Menzies has reported 92.9% take-up forits £75.2m rights issue that will be used to part-finance theUS$202m acquisition of ASIG from BBG Aviation, which it hopeswill strengthen its position in the global aviation servicesmarket.
Established in 1833 as a bookseller and stationer, JohnMenzies now provides ground and cargo handling services atairports through its Menzies Aviation, with Menzies Distributiondelivering newspapers, magazines and print products.
The acquisition of ASIG is funded by the rights issue and anew debt package comprising a US$250m term loan and a £150mrevolving credit facility, also replacing existing indebtedness.
The offering comprised 21.92m shares, or 35.7% of pre-moneyshare capital, on a 5-for-14 basis at 343p, a 34.8% discount toTERP based on the September 15 close of 523.03p.
There were acceptances for 20.37m shares, with the rump of1.54m shares sold on Thursday morning at 475p, the stock havingopened at 490p.
Numis and Shore Capital were joint bookrunners. (This story will appear in the October 29 issue of IFRmagazine; Reporting by Robert Venes)