Young's announces the successful completion of an equity issue raising gross proceeds of £88.4 milli25 Jun 2020 08:07
Young's announces the successful completion of an equity issue raising gross proceeds of £88.4 million.
This included a placing of new A ordinary shares in the capital of the Company ("A Placing Shares") and new non-voting ordinary shares in the capital of the Company ("NV Placing Shares") announced yesterday (the "Placing").
The Placing raised gross proceeds of approximately £85.5 million. A total of 4,263,453 A Placing Shares and 4,900,000 NV Placing Shares (together, the "Placing Shares") have been placed by J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove") and Panmure Gordon (UK) Limited ("Panmure Gordon" and, together with J.P. Morgan Cazenove, the "Joint Bookrunners") at a price of 1,160 pence per A Placing Share (the "A Placing Price") and 735 pence per NV Placing Share (the "NV Placing Price").
The concurrent offer made by the Company for retail investors to subscribe for new A ordinary shares in the capital of the Company (the "Retail Shares") via the PrimaryBid platform (the "Retail Offer") raised further gross proceeds of approximately £2.7 million.
In addition, in conjunction with the Placing, certain directors of the Company and/or persons closely associated with them have agreed to subscribe for an aggregate of 13,393 new A ordinary shares in the capital of the Company and 10,755 new non-voting ordinary shares in the capital of the Company (the "Subscription Shares"), at the A Placing Price and the NV Placing Price, respectively, pursuant to subscription letters entered into with the Company (the "Subscription").
gonna make a decent return here.