(Alliance News) - FTSE 250-listed Biffa PLC on Thursday announced its intention to raise GBP100 million via a share placing, with the waste management firm's board intending to participate.
Cressex, England-based Biffa said the price at which the placing shares are to be placed will be determined at the close of the bookbuilding process. Further, in conjunction with the placing, all members of the board and senior executives intend to subscribe for GBP280,000 in new ordinary shares in the capital at the placing price.
The company said the total number of ordinary shares to be issued will not exceed 49.9 million ordinary shares, representing approximately 20% of the company's existing issued share capital.
Biffa said the proceeds will put the balance sheet in a position of strength, providing the flexibility to continue to pursue "highly attractive identified organic and inorganic growth opportunities in line with its strategy".
Last week, Biffa decided against making a final payout to save cash amid "unprecedented challenges" arising from the Covid-19 pandemic.
The stock closed down 3.4% at 210.50p on Thursday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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