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LONDON (Alliance News) - SigmaRoc PLC on Friday said it raised GBP12.4 million in cash to part-fund the initial consideration for the acquisition of CCP Building Products Ltd.
Back in December, the AIM-listed construction materials company agreed to buy concrete firm CCP Building for GBP15.2 million.
At the time, the company intended to fund the deal through its term loan and revolving credit facility with Santander UK PLC, which had been extended to GBP34 million from the initial GBP20 million.
However, on Friday, SigmaRoc said it will satisfy the payment through the issue of 4.9 million shares - worth about GBP2 million - to the vendors of CCP Building and the reminder in cash.
To raise the cash, SigmaRoc placed 30.3 million shares at a price of 41 pence each. The placing price represents 1.4% discount to the closing mid-market price of shares on Thursday.
The stock was trading 0.5% lower on the day Friday at 41.40 pence a share, giving the company a market capitalisation of GBP58.1 million prior to the equity raising.
The placing was conducted through an accelerated bookbuild process with Berenberg and Liberum Capital acting as joint bookrunners.
SigmaRoc said several directors participated in the fundraising, with Co-Founders David Barrett, Charles Trigg and Max Vermorken subscribing for 487,804, 60,975 and 121,951 shares, respectively, at a placing price, worth a combined GBP275,000.
Non-Executive Director Patrick Dolber and Finance Director Garth Palmer bought a total of GBP170,731 shares, worth GBP70,000, while Deputy Finance Director Ian Osburn and Managing Director David McClelland acquired 24,390 shares each, totalling GBP20,000.
Following the admission, the company will have 171.8 shares overall.
