LONDON (Alliance News) - Support services company John Menzies PLC on Thursday said subscribers have been secured for all the shares placed under its rights issue launched to fund the purchase of a unit of BBA Aviation Ltd and said a number of its directors took part in the issue.
John Menzies agreed a GBP202.0 million cash deal in September to buy ASIG from BBA. Florida-based ASIG is one of the largest independent providers of commercial airline services in the world, with operations across seven countries.
This was accompanied by a GBP75.0 million rights issue, priced at 343.0 pence per share on the basis of 5 new shares for every 14 existing shares. John Menzies shares were trading at 482.00p on Thursday morning, down 0.8% on the day.
The company said it received valid acceptances for 20.4 million of the rights issue shares issued, or 93% of the total in the initial rights issue.
Joint book-runners Numis Securities Ltd and Shore Capital Stockbrokers Ltd then secured subscribers for the balance of the shares later on Thursday. The rump shares were placed at 475.00p per share.
A number of directors bought shares in the initial rights issue. Dermot Smurfit subscribed for 405,000 shares, his only holding in the company since being appointed chairman in July.
Non-Executive Director Dermot Jenkinson subscribed for 199,710 shares, increasing his holding to 1.9 million shares in total. Chief Financial Officer Giles Wilson subscribed for 6,422 shares, upping his total holding to 24,406 shares. Menzies Aviation President and Managing Director Forsyth Black bought 2,849 shares, raising his holding to 10,829 shares.
Non-Executive Director Drusilla Maizey bought 535 shares, increasing her holding to 2,035 shares, fellow Non-Executive David Garman bought 3,571 shares to take his holding to 13,571 shares, and John Geddes, also a non-executive director, bought 2,221 shares, increasing his holding to 15,879.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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