7th Nov 2013 10:19
LONDON (Alliance News) - Shares in independent cinema chain Everyman Media Group PLC jumped 18% after beginning trading on AIM Thursday morning, following its GBP8.1 million initial public offering.
The company, which owns ten 'Everyman' cinemas based in London, the South East and Leeds, will trade under the ticker EMAN.
Everyman placed 9.8 million shares, 27% of its total of 36.3 million issued shares. The company has a market capitalisation of GBP31.1 million at the placing price of 83 pence per share.
Proceeds from the placing will be used to expand the company and strengthen its working capital, it said.
In morning trading Thursday, Everyman Media shares were quoted at 98 pence per share, up 9.5% from their opening level of 89.5 pence and 18% from the placing price.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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Everyman Media