LONDON (Alliance News) - Cobham PLC on Friday said it has received valid acceptances for just over 97% of its fully-underwritten rights issue, announced earlier in June.
The FTSE 250-listed company, which makes satellite communications equipment, microelectronics products and air-to-air refuelling technology for the aviation, maritime, defence and space sectors, first said it would raise funds in April in a bid to shore up its finances after it issued a profit warning for the full year.
It then detailed those plans in June, saying it would raise GBP506.7 million through a fully-underwritten, one-for-two rights issue. It has issued 569.3 million shares at 89.00 pence per share in the rights issue, a 45% discount to its closing price the day prior to the issue being detailed.
Cobham shares closed at 137.96p on Thursday.
Cobham said Friday it has received valid acceptances for 553.4 million of the shares. Bank of America Merrill Lynch and Jefferies International, the underwriters of the issue, will now seek to procure subscribers for the remaining shares by Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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