LONDON (Alliance News) - Consort Medical PLC Monday said its rights issue got acceptances for 95.14% of the new shares on offer, and the remainder was placed by underwriter Investec.
In a statement, the company said it had received valid acceptances for 17.4 million shares under the five-for-eight rights issue at 540 pence a share it announced at the end of September. It said Investec secured subscribers for the remaining rump at 700 pence a share.
Consort is using the money it raises in the rights issue to help pay for its acquisition of European pharmaceutical contract development and manufacturing organisation Aesica Holdco Ltd for GBP230.0 million.
When it announced the acquisition in September, it said it would fund the deal with GBP10.0 million in existing cash, GBP115.9 million to be drawn down under a new debt facility, the issue of GBP11.8 million consideration shares to the Aesica management, and a rights issue to raise GBP95.3 million.
Consort Medical shares were up 0.4% at 722.50 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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