LONDON (Alliance News) - Cairn Homes PLC late Tuesday said it will issue around 157.6 million new shares in the company at a price of EUR1.12 per share under the placing and open offer announced earlier this week to raise a total of EUR176.5 million.
The shares to be issued, which are subject to shareholder approval, represent 30.5% of the existing issued share capital of the company and 23.4% of the enlarged issued share capital of the company.
Of the total shares to be issued, 46.9 million new shares will be issued under the firm placing to raise EUR52.5 million, whilst the remaining shares will be issued under the placing and open offer to raise the other EUR124.0 million.
The meeting for shareholders to vote on the proposed fundraising will be held on April 18.
Cairn shares closed down 2.6% to EUR1.16 per share on Tuesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Cairn Homes (CRN)