21st Jun 2021 11:12
(Alliance News) - C&C Group PLC on Monday said it completed its rights issue worth around GBP151 million, as the drinks maker and distributor looks to recover from the closing of pubs in lockdown.
The FTSE 250 firm sold 77.1 million shares for 186 pence each to raise GBP143.5 million. Underwriters procured subscribers for the remaining 4.1 million shares, at a price of 227p each.
C&C, which owns the Magners and Bulmers cider brands, announced the rights issue on May 26, saying it would use the funds to cut debt and manage trading uncertainty as pubs started to reopen. Covid-19 created "one of the most challenging operating environments for the group in its long history," the company said.
Shares were up 1.4% to 232.20p in London. They're up 9.1% in the year to date.
By Ivan Edwards; [email protected]
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