(Alliance News) - Hammerson PLC on Friday said its joint global coordinators have procured subscribers for the remaining rights issue shares that did not receive valid acceptances.
Shares in Hammerson were down 7.2% in London at 15.44 pence and were down 14% in Johannesburg at ZAR3.99.
Earlier, the company said it had received acceptances from shareholders to buy 3.49 billion new shares as it looks towards strengthening its financial position. This represented 95% of the total number of shares offered in the company's GBP552 million right issue, launched back in August.
JP Morgan Cazenove and Morgan Stanley, its joint global coordinators, have now found subscribers for the remaining 5.1% of rights issues shares, 189.1 million shares in total, at a price of 15p or ZAR3.41 each. They were required to do so by London market close on Monday next week.
The shopping centre owner had said the rights issue was to strengthen its financial position, reducing debt and providing liquidity headroom and financial flexibility as it continues to refocus its portfolio towards flagship destinations in the UK and Ireland.
Hammerson has been "pro-actively" taking measures to deal with the "substantial" impact on its business, driven by major structural changes to the retail industry, which have been exacerbated by the effects of Covid-19.
By Greg Roxburgh; gregroxburgh@alliancenews.com; Updated by Anna Farley; annafarley@alliancenews.com
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Hammerson (HMSO)