Hammerson has received overwhelming backing from its investors for a 7-for-5 rights issue. Back in February, the company became the first major real estate investment trust in the UK to embark on a heavily discounted rights issue to reduce debt and strengthen its balance sheet.
Hammerson has received overwhelming backing from its investors for a 7-for-5 rights issue. Back in February, the company became the first major real estate investment trust in the UK to embark on a heavily discounted rights issue to reduce debt and strengthen its balance sheet.
The operation was designed to raise £584 mln (EUR 624 mln).
Hammerson said it had received valid acceptances by the deadline in respect of 399.9 million new shares, or 98.6% of the total. The underwriters is seeking to find subscribers for the remaining 5.8 mln new shares.
John Nelson, chairman of Hammerson, said: 'We are delighted with the level of support from our shareholders for the rights Issue. The net proceeds of £584.2 million will be used to reduce net indebtedness and will substantially strengthen the company's balance sheet.'
