31st Oct 2019 09:30
(Alliance News) - Future PLC said Thursday it has raised GBP104.4 million from a completed placing, which will be used to acquire magazine printer TI Media.
Future placed 8.2 million new shares at 1,275 pence each, which represented a 6.3% discount to the company's closing share price on Wednesday.
On Thursday morning, shares in the media company were 14% higher in London at 1,546.06 pence each.
The new shares represent about 9.6% of Future's share capital prior to the placing, which now totals 93.6 million. The shares are expected to be admitted to London's Main Market on Monday.
Future noted current shareholders Canaccord Genuity Group Inc and Invesco Asset Management Ltd took part in the placing. Canaccord subscribed for 538,661 shares for GBP6.9 million and Invesco subscribed for 400,000 shares for GBP5.1 million.
Numis Securities Ltd and Nplus1 Singer Capital Markets Ltd acted as joint bookrunners for the placing.
Late Wednesday, the publisher said it will acquire magazine printer TI Media - which owns brands including Decanter, Country Life and Horse & Hound - for GBP140 million in cash.
In addition, Future extended its debt facility by GBP45 million to GBP135 million in order to help fund the deal.
By Paul McGowan; [email protected]
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