28th Sep 2018 09:39
LONDON (Alliance News) - Shares in Applegreen PLC rose Friday as the petrol forecourt retailer announced it has raised around EUR175 million, or GBP156 million, in a placing.
The cash is to go towards the Irish firm's purchase of a 55% stake in motorway service station franchise Welcome Break for EUR361.8 million from NIBC European Infrastructure I CV, which it announced early August.
Applegreen has placed 28.8 million new shares at a price of EUR6.08, or approximately 543 pence each, with Goodbody Stockbrokers and Shore Capital acting as joint bookrunners. Shares were 11% up on Friday, trading at 597.00 pence each.
Chief Executive Bob Etchingham said: "We are delighted with the very strong support and encouragement received from existing shareholders and from new investors for the Welcome Break transaction and related placing.
"This acquisition is transformational for our company in the strategically important UK market and we look forward to completion at the end of October. Building a wide and high quality investor base in parallel with expanding our business across chosen markets are core objectives and this transaction and associated equity raise significantly advances that strategy."
Related Shares:
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