9th Dec 2020 17:19
Eddie Stobart Logistics PLC - AIM-listed cash shell - Conditionally raises GBP9 million via placing and subscription, enough to satisfy its requirement to raise a minimum of GBP6 million via an equity fundraising in connection with its proposed conversion to an investing company.
Launches open offer to raise up to an additional GBP7.0 million.
Chair Adrian Collins says: "We are pleased to have conditionally raised GBP9 million, more than meeting our previously-announced technical requirement to raise GBP6 million to complete our conversion to an AIM investing company."
"Today we have also announced that we intend to change the name of the company to Logistics Development Group PLC," he adds. "This marks our transition to a growth-focused investment vehicle whilst further delineating the company from the Eddie Stobart business, in which we hold an indirect interest and which, as previously announced, has returned to profitability and firmly put its past challenges behind it."
Current stock price: 9.20 pence; up 15% on Wednesday
Year-to-date change: down 87%
By Lucy Heming;Â [email protected]
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