(Alliance News) - Polypipe Group PLC on Thursday announced it has raised GBP96.3 million via a share placing in order to partly fund its purchase of magnetic filters provider ADEY.
The FTSE 250-listed plastic piping systems manufacturer said the placing was of 18.7 million shares at a price of 515 pence per share.
Shares in Polypipe were up 8.0% at 555.00p in London on Thursday morning.
Polypipe said both existing shareholders and new investors participated in the placing. Some of the company's directors acquired shares in the placing, including Chair Ronald Marsh, Chief Executive Martin Payne, Chief Financial Officer Paul James, and non-executive directors Lisa Scenna and Kevin Boyd.
Standard Life Aberdeen PLC also agreed to acquire shares in the placing, purchasing 2.6 million for GBP13.1 million.
Polypipe launched the placing on Wednesday, with plans to use some of the proceeds to acquire ADEY for a cash consideration of GBP210 million on a debt-free and cash-free basis. As well as magnetic filters, ADEY provides chemicals and related products which protect against magnetite and other performance issues in water-based heating systems for residential end markets.
The London branch of Deutsche Bank AG and Numis Securities Ltd acted as joint bookrunners for the placing.
By Zoe Wickens; zoewickens@alliancenews.com
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