12th Jun 2020 10:00
(Alliance News) - Hyve Group PLC on Friday said it received valid acceptances for almost all of the new shares offered under its rights issue, while its underwriters will either procure subscribers for or acquire remaining shares.
FTSE 250-listed events organiser Hyve had announced plans to raise GBP126.6 million through a fully underwritten rights issue back in May. The money is to shore up liquidity after events were postponed and cancelled by the Covid-19 pandemic.
Hyve's rights issue involved issuing up to 9 new shares at 69 pence each for every 40 existing ordinary shares. A 1-for-10 share consolidation will accompany the rights issue, so 9 new shares will be issued for every 4 consolidated shares.
Valid acceptances were received for 181.5 million shares, representing 98.9% of shares offered under the rights issue. Joint underwriters Numis, HSBC, and Barclays - as per their obligations - will attempt to find subscribers for the remaining 2.1 million of shares not taken up under the rights issue.
The underwriters are required to acquire, in proportion to their underwriting commitment, any remaining new shares for which subscribers cannot be found.
Shares in London-headquartered Hyve were up 2.5% at 118.50 pence in London in morning trading.
By Anna Farley; [email protected]
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