26th Mar 2018 17:57
LONDON (Alliance News) - Restore PLC said Monday that Chairman Martin Towers has agreed to buy 10,000 shares at a price of 510 pence per share, as part of a company share placing to raise funds to buy TNT Business Solutions.
Following the planned transaction, Towers will hold 15,000 shares in Restore.
Restore is to buy TNT Business Solutions, the records management business of TNT UK Ltd, which is in turn owned by FedEx Corporation, for GBP88.0 million on a cash and debt free basis.
To part fund this, Restore is to place up to 10.1 million new shares at 510.00p each to raise up to GBP51.5 million. This will take place upon completion, expected on the first day of May, with the placing run by Cenkos Securities PLC.
Shares in the office services provider closed up 7.4% at 507.00p Moday.
Related Shares:
Restore
