(Alliance News) - William Hill PLC on Wednesday said it has raised GBP224 million through the placing of 174.9 million shares at 128 pence each.
Shares in the gambling firm were trading 5.0% lower at 131.99 pence each on Wednesday morning in London, but 33% lower than at the start of the year.
William Hill said that in conjunction with the placing, directors and members of the senior management team subscribed for a total of 160,013 shares. In addition, retail and other investors have subscribed in the offer made via the PrimaryBid platform for a total of 5.6 million shares.
The placing shares, subscription shares and retail shares together represent just under 20% of the company's issued share capital prior to the fundraise.
The new cash will "enable the group to pursue its long-term growth ambitions, strengthen its balance sheet and increase its strategic and financial flexibility".
Following admission, William Hill's share capital will comprise 1.1 billion shares.
By Ife Taiwo; ifetaiwo@alliancenews.com.
Copyright 2020 Alliance News Limited. All Rights Reserved.
