21st Apr 2020 10:55
(Alliance News) - Big Yellow Group PLC on Tuesday said it has raised GBP81.9 million through the placing of 8.3 million shares at 983 pence each.
The placing price represents a 1.0% discount to the Monday closing price of 993p. Shares in the self-storage company were trading flat at 992.00p each on Tuesday morning in London, giving a market capitalisation of GBP1.66 billion.
On Monday, FTSE 250-listed Big Yellow said it planned to raise around GBP80 million in order to acquire more land and grow its development pipeline. Since September 2018, the company has incurred capital expenditure of GBP106.1 million, spending GBP75.6 million on the acquisition of six development sites and the freehold of its New Malden store and another "GBP30.5 million principally on the construction of Manchester, Camberwell, Battersea and Bracknell".
"The placing has been successful, and we are grateful to our shareholders for their support. This equity raise allows us to execute the next phase of growth through the continuation of our core strategy," said Executive Chair Nicholas Vetch.
Following admission of the new shares, Big Yellow's issued share capital will comprise 175.5 million shares.
By Ife Taiwo; [email protected]
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