Young’s has raised gross proceeds of £88.4m through an equity issue.
Announced yesterday, the London-based pubco launched the capital raise of up to 19.9% of its share capital through a placing to provide it “with the financial flexibility to drive its continued success and faster growth.”
Conducted through an accelerated bookbuild, the placing raised gross proceeds of approximately £85.5m, with an additional £2.7m raised via a retail offer.
The placing shares, retail shares and subscription shares represent in aggregate approximately 19.2% of the total existing issues ordinary share capital of Young’s prior to the placing.
Following Admission, the total number of shares in issue in Young’s will be 34,389,940 A ordinary shares and 24,070,755 non-voting ordinary shares.
The group has said that net proceeds will be used to restart investment in the Young’s estate, strengthen its balance sheet and pursue opportunistic acquisitions.
Precis
FINANCE
Young’s raises £88.4m in equity issue
Young’s has raised gross proceeds of £88.4m through an equity issue. Announced yesterday, the London-based pubco launched the capital raise of up to 19.9% of its share capital through a placing to provide it “with the financial flexibility to drive its continued success and faster growth.” Conducted through an accelerated bookbuild, the placing raised gross proceeds of approximately £85.5m, with an additional £2.7m raised via a retail offer.