27th Feb 2014 12:09
LONDON (Alliance News) - A&J Mucklow Group PLC Thursday said it had raised gross proceeds of GBP14.2 million after it placed 2.9 million new shares with institutional investors at 490 pence a share.
In a statement, the company said it would use some of the funds raised to build a new 115,000 square foot distribution warehouse at Apex Park, Worcester, and to repay the outstanding 11.5% debenture stock due for repayment on July 1.
The rest will be used to boost returns from the company's current portfolio and "any other market opportunities that may arise."
Shares in the Midlands-based industrial property investment company were down 2.3% at 500.50 pence Thursday.
By Steve McGrath; [email protected]; @stevemcgrath1
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Mucklow (A & J)