Rights issue details17 Apr 2020 18:46
Details of the Rights Issue
- The Company today announces the details of a four for one fully committed and underwritten Rights Issue of 1,216 million New Shares to raise gross proceeds of approximately £365 million.
- The issue price of 30 pence per New Share represents:
o a discount of 86.0% to the Closing Price on 12 March 2020 (being the last business day prior to the date of this announcement); and
o a 55.1% discount to the theoretical ex-rights price of 67 pence per New Share calculated by reference to the Closing Price on the same basis.
- The Rights Issue, which is subject to shareholder approval, is underwritten by Deutsche Bank, J.P. Morgan Cazenove and Morgan Stanley.