24th Jan 2014 14:05
LONDON (Alliance News) - NewRiver Retail Ltd Friday said it is to increase the size of its placing to GBP85 million, after getting "significant" demand from new and existing investors.
In a statement, the real estate investment trust said it has agreed with broker and sole bookrunner Liberum Capital Ltd to increase the size of the placing past the GBP75 million announced on Tuesday by placing about 32.1 million shares at 265 pence each to raise GBP85 million.
"The over-subscribed fund raise is a further endorsement of NewRiver's proven management and business strategy. The capital will be utilised to continue the company's expansion and strengthen its position as one of the UK's largest value-creating owners and operators of shopping centres and retail assets," David Lockhart, chief executive, said in a statement.
It said it has already received firm commitments to subscribe for its shares.
A number of directors, including Lockhart and Finance Director Mark Davies, have subscribed for placing shares.
Director | Placing Shares to be subscribed | Shareholding immediately following the Placing | Percentage of voting Ordinary Shares following the Placing |
David Lockhart | 38,000 | 1,660,000 | 1.68 |
Mark Davies | 4,000 | 18,000 | 0.02 |
Allan Lockhart | 38,000 | 211,684 | 0.21 |
Nick Sewell | 2,000 | 111,500 | 0.11 |
Charles Miller | 5,660 | 15,416 | 0.02 |
Kay Chaldecott | 3,774 | 3,774 | 0.01 |
NewRiver shares were Friday quoted at 287.5 pence, unchanged.
By Samuel Agini; [email protected]; @samuelagini
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