Eddie Stobart Logistics PLC - AIM-listed cash shell - Shareholders approve conversion to an investing company that will be managed by DBAY Advisers and will focus on logistics assets. Company name will change to Logistics Development Group PLC, reflecting this change. Following an earlier Tuesday announcement that the full GBP7.0 million of its open offer has been taken up, Eddie Stobart Logistics confirms it has raised an aggregate of GBP16.0 million, including GBP9 million through a placing and subscription. Has issued and allotted 320.4 million shares in relation to the open offer, placing, and subscription plus another 2.5 million shares in lieu of fees to Cenkos Securities.
Applies for and obtains a waiver of rule 9 of the takeover code, meaning the concert party is not required to make a general offer to shareholders. The concert party in this case being DBAY Funds and those acting in concert with it. Prior to admission, the concert party had a 29.9% stake and will have a 32.9% stake in the enlarged share capital.
Current stock price: 8.90 pence
Year-to-date change: down 5.9% since re-admission in February
By Anna Farley; annafarley@alliancenews.com
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