(Alliance News) - Countryside Properties PLC on Thursday confirmed it raised GBP250 million from a share offer, which will be used to counteract the effects of Covid-19 and fund part of the group's revolving credit facility repayment.
The Brentwood, England-based housebuilder said 74.6 million shares were issued at 335.00 pence each, representing a 6.5% discount to their closing price on Wednesday. The equity raise was announced after the London market close on Wednesday. Countryside shares were down 7.3% at 333.12 pence each on Thursday at midday.
A placing of 73.0 million shares with institutional investors was led by Barclays Bank PLC and Numis Securities Ltd as joint global coordinators and joint bookrunners. Another 1.6 million shares were subscribed by retail investors via PrimaryBid and 119,997 by company directors at the same price.
The 74.6 million new shares represent 16.6% of the FTSE 250 company's total prior to the issue. It now will have 524.6 million shares in issue.
Large shareholders Standard Life Aberdeen PLC and Aviva Investors subscribed for a total of 15.6 million shares in the equity raise, worth GBP52.2 million in total.
Countryside Properties on Wednesday said third-quarter home completions dropped annually but selling prices climbed. Total third-quarter completions were 449 homes, a 57% drop year-on-year from 1,055 homes. Private average selling prices rose to GBP398,000, however, a 6.4% annual climb.
By Neetika Kurup; neetikakurup@alliancenews.com
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