29th May 2020 07:00
(Alliance News) - Costain Group PLC on Thursday said it has raised GBP100 million through the issue of a total of 166.7 million shares at 60 pence each.
Shares in the infrastructure construction firm closed 16% higher at 80.20p each on Thursday in London, giving it a market capitalisation of GBP86.8 million.
Costain said GBP80 million was raised through a firm placing and GBP20 million through a placing and open offer, both with the same issue price of 60p.
The company said it received valid acceptances from shareholders in respect of 27.8 million open offer shares as well as applications for a further 46.8 million shares under its excess application facility.
"We are pleased to have completed our GBP100 million equity raise providing us with a stronger balance sheet to take advantage of opportunities in our target markets. Costain has significant potential to capitalise on the UK's many infrastructure investment programmes aimed at safeguarding our society, unlocking economic growth and decarbonising our environment," said Chief Executive Alex Vaughan.
By Ife Taiwo; [email protected]
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