9th Apr 2020 18:00
(Alliance News) - Bonhill Group PLC on Thursday said it has raised GBP2.5 million through the placing of 50 million shares at 5 pence each.
Shares in the media company closed 10% lower at 5.65p each on Thursday in London. The placing price represents a discount of 23% to the Wednesday closing price of 6.50p.
Bonhill said the funds will be used to fund its working capital requirements up to the fourth quarter of 2020.
Client funds of Downing LLP subscribed for 6.5 million shares, taking its total stake in the company to 11%. Schroders PLC also subscribed for 6.5 million shares taking its total stake to 11%.
Chief Executive Simon Stilwell and Chief Financial Officer David Brown subscribed for 2.9 million shares and 1.9 million shares respectively taking their total stakes to 2.9% each. Non-Executive Chair Neil Sachdev subscribed for 200,000 placing shares, increasing his stake in the company to 0.3%.
Non-Executive Director Anne Donoghue subscribed for 400,000 shares, taking her stake to 0.4%. Non-Executive Director Fraser Gray subscribed for 200,000 placing shares, taking his interest in the company to 0.2%
Following admission of the placing shares, Bonhill will have 98.6 million shares in issue.
"We are pleased to announce the placing against a very challenging macro environment. We are grateful for the continuing support shown by our existing shareholders and welcome those new investors who have subscribed in the placing. We are determined to continue to transform the underlying quality of the business during the coming months and emerge with better systems, process and products," said Stilwell.
By Ife Taiwo; [email protected]
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