The board of Capital & Regional, the UK co-investing property asset manager, announced on Thursday that it intends to raise gross proceeds of 拢69.2 mln (EUR 80.1 mln) in a share placement.
The board of Capital & Regional, the UK co-investing property asset manager, announced on Thursday that it intends to raise gross proceeds of 拢69.2 mln (EUR 80.1 mln) in a share placement.
Parkdev, a specialist property and asset management company based in South Africa, and related investors are to subscribe to 拢23.5 mln. Following the transaction, Parkdev's investment will result in a proforma shareholding in the enlarged group of 25.4% of the enlarged issued share capital. A fully underwritten firm placing and placing and open offer to institutional investors and existing shareholders will account for the remaining 拢45.7 mln being raised.
The capital raising will involve the issue of 89 million new shares priced at 26.4 pence each. This marks a discount of 73.1% to the closing share price on 19 August 2009 of 98.0 pence.
Existing shareholders will have the right to purchase two new ordinary shares for every share held in the open offer and will be given priority in allocation.
