14th Apr 2016 08:19
LONDON (Alliance News) - Cairn Homes PLC on Thursday said it raised GBP124.0 million after completing the open offer and placing tranche of its share issuance, taking its total capital raise to EUR176.5 million.
Cairn had said in March that, of the 157.6 million shares to be issued, 46.9 million new shares would be issued under a firm placing to raise EUR52.5 million, whilst the remaining 110.7 million shares would be issued under a placing and open offer to raise the other EUR124.0 million.
The firm placing was completed in March, raising the EUR52.5 million.
Cairn said on Thursday the open offer had closed on Wednesday late morning, with shares issued at EUR1.12 per share.
Shares in Cairn were down 1.5% at EUR1.13 on Thursday.
Cairn said it had received 66.2 million valid acceptances under the open offer from qualifying shareholders. This represents around 60% of the open offer shares.
The remaining 44.5 million open offer shares, or 40%, will be allocated to the investors with whom they have been conditionally placed, Cairn added.
The company said the raise was conditional upon the approval of shareholders at its extraordinary general meeting on April 18.
By Hannah Boland; [email protected]; @Hannaheboland
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