(Alliance News) - Biffa PLC on Friday said it secured GBP100 million from an equity fundraising, putting the waste management firm's finances in a "position of strength".
In the placing, retail offer and subscription, just under 50.0 million shares were sold at 200 pence each, an 5.0% discount to its closing price of 210.5p on Thursday.
Biffa shares were 3.1% lower at 204.00p each in London on Friday morning.
Unveiling plans for the fundraise on Thursday, Biffa said: "The proposed placing will put the group's balance sheet in a position of strength, providing the flexibility and confidence to continue to pursue highly attractive identified organic and inorganic growth opportunities in line with its strategy."
Chief Executive Officer Michael Topham subscribed for 37,500 shares and Chief Financial Officer Richard Pike for 25,000 shares.
Chair Ken Lever subscribed for 12,500 and Chief Operating Officer Mick Davis for 10,000.
Their stakes following the subscription was not disclosed.
By Eric Cunha; ericcunha@alliancenews.com
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