28th May 2020 09:01
(Alliance News) - Office space provider IWG PLC on Thursday said it has raised GBP320 million through a previously announced share placing and retail offer, with Chief Executive Officer Mark Dixon buying GBP91.3 million worth of stock.
The company, which trades under Regus brand name, issued 133.9 million new shares under the share placing and retail offer at 239 pence each, a 8.1% discount to 260.2p price on Wednesday.
IWG shares were trading 9.0% higher at 284.80p each in London on Thursday morning.
CEO Dixon bought 38.2 million shares, around 29% of the placing and retail offer. Shareholder Toscafund Ltd also subscribed 24.8 million placing shares, worth GBP59.4 million.
The shares being issued under the placing and retail offer together represent 15% of the company's existing issued ordinary share capital. IWG will have 1.06 billion shares in issue following the admission of placing and retail offer shares.
The FTSE 250-listed firm on Wednesday had said it would raise GBP315 million through a share placing and retail offer in order to take advantage of its "pipeline of active opportunities".
The company also had reported a first-quarter revenue rise and predicted a "greater impact" from lockdown measures on its second quarter. Revenue in the three months to March 31 was 12% higher year-on-year at GBP692.6 million from GBP619.9 million.
By Tapan Panchal; [email protected]
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