Big Yellow Group PLC - Bagshot, England-based self-storage provider - Announces its intention to raise gross proceeds of GBP100 million by way of a placing of new shares, with both existing shareholders and new institutional investors. Company intends to use the net proceeds to fund acquisitions of GBP145 million, including 80% remaining stake in Armadillo, as well as 66 Hammersmith Road, West Kensington, in London. The number of new shares and the price at which the placing shares are to be placed are subject to agreement between the company and bookrunner JP Morgan Securities at the close of the bookbuild. Details of the number of placing shares and the placing price will be announced after the close of the bookbuild, it adds.
Chair Nicholas Vetch said: "These two transactions, when added to our development pipeline, have the potential to generate in excess of GBP40 million of net operating income over the short to medium term, and in so doing create significant value for our shareholders."
Current stock price: 1,302.00 pence
Year-to-date change: up 18%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Big Yellow (BYG)