22nd May 2019 11:47
LONDON (Alliance News) - Marlowe PLC said Wednesday it has completed the first part of its share placing, raising GBP13.3 million which will go towards repaying part of its GBP30 million revolving facility.
The proceeds will also go towards funding restructuring costs to be incurred following Marlowe's acquisition of Clearwater Group Ltd announced on Tuesday for GBP11 million.
Marlowe provides inspection, testing and compliance services to commercial properties, while Clearwater Group provides services including water treatment, hygiene and compliance.
Marlowe has issued 3.1 million shares at a price of 426 pence per share and intends to issue 1.6 million shares through a second placing to raise a total of GBP20 million.
The second placing is subject to shareholder approval at the company's general meeting on June 7.
Shares in Marlowe were up 0.9% at 430.00 pence on Wednesday.
Cenkos Securities PLC and Berenberg are acting as joint bookrunners.
Following the first placing, Marlowe now has 43.9 million shares issued overall.
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