(Alliance News) - Stobart Group Ltd on Thursday said only 56% of shares were accepted by shareholders under its open offer.
In June, the aviation & energy company launched an equity fundraise saying that the cash raised would be used to repay amounts drawn under its revolving credit facility, support the Aviation & Energy business, and to fund selective investments including airport infrastructure for a post-Covid-19 world.
The fundraise included a placing of 200 million shares at 40 pence each, with shareholders having the option to subscribe for up to 50 million open offer shares on the basis of two open offer shares for every 15 existing shares.
On Thursday, Stobart said it received acceptances from shareholders in respect of 23.7 million - or 48% - of the 50 million open offer shares - as well as applications for a further 4.3 million shares under its excess application facility. In total, 28.2 million - or 56% - of the shares under offer were accepted or applied for.
The company added that the remaining 21.8 million open offer shares will be allocated to the placees with whom they they had been conditionally placed under the placing.
"We are pleased with the support we have received from our existing shareholders in the open offer. On behalf of the board, I would like to express my gratitude to those who have provided their support. We look forward to repaying their trust in us by delivering on our strategic objectives in the coming years," said Chair David Shearer.
Shares in Stobart Group were trading 7.2% lower at 37.03p each on Thursday morning in London, and 66% lower than at the start of the year.
By Ife Taiwo; ifetaiwo@alliancenews.com.
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