(Alliance News) - Hyve Group PLC on Friday said its underwriters have obtained subscribers for the remaining 2.1 million shares from its rights issue.
Earlier in the day, Hyve said it had received valid acceptances for almost all of the new shares offered under its rights issue, and said its underwriters were to either procure subscribers for or acquire remaining shares.
Valid acceptances were received for 181.5 million shares, representing 98.9% of shares offered under the rights issue. Joint underwriters Numis, HSBC, and Barclays - as per their obligations - were required to attempt to find subscribers for the remaining 2.1 million of shares not taken up under the rights issue.
Subscribers have now been found for all 2.1 million remaining shares under a rump placing at a price of 115 pence per share.
FTSE 250-listed events organiser Hyve had announced plans to raise GBP126.6 million through a fully underwritten rights issue back in May. The money is to shore up liquidity after events were postponed and cancelled by the Covid-19 pandemic.
Hyve's rights issue involved issuing up to 9 new shares at 69 pence each for every 40 existing ordinary shares. A 1-for-10 share consolidation will accompany the rights issue, so 9 new shares will be issued for every 4 consolidated shares.
Shares in London-headquartered Hyve were up 9.9% at 127.00 pence in London in morning trading.
By Anna Farley; annafarley@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.