SSP Group has raised gross proceeds of approximately £11m through a share placing.

Yesterday (3 June), the group asked shareholders to reinvest the proceeds of their 2019 final dividend payment into new shares, with the aim of raising up to £26.8m to enhance its cash and liquidity position during the coronavirus crisis.

Given the impact of the pandemic on travel hubs and transport locations, the group reported an 8.4% dip in like-for-like sales due to lockdown, and a pre-tax loss of £34.3m in the first half of the year.

A total of 3,382,255 new placing shares have been placed by Barclays at a placing price of 315.2 pence per share.

Concurrently with the placing, certain directors and members of the senior management team of the company have subscribed for new subscription shares at the placing price, and retail investors have subscribed in an offer made by the company via the PrimaryBid platform for new retail shares.

The placing shares, subscription shares and retail shares being issued together represent approximately 0.7 per cent of the existing issued ordinary share capital of SSP prior to the placing, subscription and retail offer.

Applications have been made to the FCA and LSE for the admission of the shares, following which the total number of shares in issue in SSP will be 537,859,931.