4th Mar 2016 17:14
LONDON (Alliance News) - Countryside Properties PLC late Friday said it has issued a further 20.3 million shares in the company after the over-allotment option related to its initial public offering earlier this month was exercised.
Countryside Properties said the entirety of the over-allotment option granted by OCM Luxembourg Coppice Topco Sarl has been exercised, taking the total amount of shares issued under the offering announced on February 12 to 155.3 million shares.
The 20.3 million over-allotment shares were issued at a price of 225.0 pence each, raising an additional GBP46.0 million in addition to the proceeds raised from the IPO.
Following the transaction, OCM Luxembourg holds a 56.1% stake in Countryside Properties.
Countryside launched its initial public offering onto the Main Market of the London Stock Exchange in early February, but that IPO was priced at the lower end of its range.
The housebuilder and regeneration company said its shares were priced at 225 pence each, at the bottom end of its previously stated 225p to 275p range, giving it a market capitalisation of approximately GBP1.01 billion. The offer comprised 135.0 million shares, equivalent to a total offer size of GBP304.0 million, which doesn't take the over-allotment option into account.
Countryside Properties shares closed up 2% to 242.29 pence per share on Friday.
By Joshua Warner; [email protected]; @JoshAlliance
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