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Shaftesbury raises £307m to weather Covid-19 storm

Tue, 17th Nov 2020 08:48

(Sharecast News) - Shaftesbury announced the results of its capital raising on Tuesday, saying the gross proceeds would be £307m, including all of the additional £10m raised via its offer for subscription.
The FTSE 250 company had announced a capital raise on 22 October, intending to raise £297m through a firm placing, placing and open offer, and another £10m through an offer for subscription.

Having seen trading conditions around its prime West End real estate assets deteriorate as a result of the Covid-19 pandemic, Shaftesbury said the fundraise would help ensure it maintained a strong financial base, was positioned to return to long-term growth as pandemic issues receded and, should conditions improve, was able to invest further in its portfolio.

It said on Tuesday that it received valid acceptances from shareholders under their basic entitlements for 33,300,683 new shares, representing 89.8 % of the open offer shares.

In addition, it received applications from shareholders under the excess application facility for 48,608,215 new shares, representing 131% of the open offer shares.

As a result, qualifying shareholders who validly applied for the open offer would receive their full entitlement.

As applications under the excess application facility could not be satisfied in full, applications there had been scaled back.

The company also said it received valid acceptances for 12,737,370 new shares under the offer for subscription, representing 509.5% of the offer's shares.

As applications there significantly exceeded the total number of new shares available, applications were also scaled back.

"The capital raising remains conditional on the approval of the resolutions by shareholders at the company's general meeting to be held later today, the satisfaction of certain conditions in the underwriting and sSponsor's agreement, and admission of the new shares to the official list of the FCA and to trading on the Main Market of the London Stock Exchange," the board said.

That was expected to occur by 0800 GMT on 18 November.

At 0851 GMT, shares in Shaftesbury were down 4.74% at 573p.
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