11th Mar 2021 10:43
(Alliance News) - Mitchells & Butlers PLC said its open offer of shares closed for acceptance on Thursday, raising the expected GBP350.5 million for the FTSE 250-listed company.
The Birmingham, England-based pubs, bars and restaurants operator said it has received acceptances for 153.4 million shares, representing a 92% of 166.9 million shares made available by the company in the offer. In addition, the company said it has received applications under the excess facility for 96.0 million new shares.
Thus, a total of 166.9 million shares will be issued as planned, Mitchells & Butlers said.
At the end of February, the company said this offer was "critical" for the continued operation of the group - which owns All Bar One and Toby Carvery - and its immediate financial stability.
"An open offer of up to GBP351 million provides the company with the capital to reduce its unsecured debt and to support the group's secured debt financing through an injection of equity, allowing the group to meet its fixed obligations," the firm said at the time, adding that the funds will allow investment into its estate to remain competitive.
Mitchells & Butlers shares were trading 1.1% lower in London on Thursday at 316.00 pence each.
By Evelina Grecenko; [email protected]
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