1st Apr 2020 17:32
(Alliance News) - Eurocell PLC on Wednesday said it has raised gross proceeds of GBP17.6 million through the placing of 10.0 million shares at 175 pence each.
Shares in the plastic windows and doors maker closed 2.7% higher at 198.18 pence each on Wednesday in London.
Proceeds from the placing - which was announced Wednesday and conducted through an accelerated bookbuild - will provide Eurocell with additional liquidity headroom during the period of uncertainty caused by the Covid-19 outbreak. It will also be used to fund ongoing investment in the company's new warehouse facility.
Eurocell said substantial shareholders SFM UK Management LLP, Alantra EQMC Asset Management SGIIC SA and J O Hambro Capital Management Ltd also paticipated in the placing. SFM subscribed for 4,6 million at the placing price totalling GBP8.1 million. Alantra subscribed for 1.2 million placing shares for a total of GBP2.1 million. J O Hambro subscribed for 1.3 million shares, equating to GBP2.2 million.
Following admission of the placing shares, Eurocell's share capital will comprise 110.4 million shares.
Separately, the Derbyshire-based company said all members of its executive team also participated in the placing.
Chair Bob Lawson subscribed for 14,285 shares for a total of GBP24,998. Chief Executive Mark Kelly also subscribed for 14,285 shares. Chief Financial Officer Michael Scott subscribed for 5,714 shares for a total of GBP9,999. Senior Non-Executive Director Frank Nelson, Non-Executive Director Martyn Coffey and Non-Executive Director Sucheta Govil also subscribed for 5,714 shares each.
By Ife Taiwo; [email protected]
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