IN BRIEF: Norcros raises GBP18.6 million to part-fund acquisition

Thu, 12th May 2022 11:38

Norcros PLC - kitchen and bathroom products supplier - Raises gross proceeds of GBP18.6 million from placing of 8.1 million shares at a price of 230 pence per placing share. Numis Securities Ltd acts as the broker for the placing. The placing price is equal to Nocros's closing price of 230 pence on Wednesday, and the new shares represent roughly a 9.9% stake prior to the placing. Plans to use the proceeds of the placing to part fund the GBP80 million acquisition of peer Granfit Holdings Ltd.

Current stock price: 226.00 pence, down 1.7% on Thursday

12-month change: down 19%

By Abby Amoakuh; abbyamoakuh@alliancenews.com

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