10th Jun 2020 11:28
(Alliance News) - Portmeirion Group PLC said Wednesday it is looking to raise GBP12.7 million through a placing, subscription and open offer of new shares.
The pottery and candle maker is hoping to raise GBP10 million from the placing, offering shares at "not less than" 375 pence each.
Shares in Portmeirion were 3.9% higher in London at 400.00 pence each.
The placing will be supplemented by a GBP660,000 subscription by Portmeirion directors and senior managers.
The company also hopes to raise a further GBP2.0 million through an open offer to existing Portmeirion shareholders.
The subscription and open offer will be conducted at the same price as the placing.
Portmeirion said the proceeds will be used to accelerate its growth strategy and margin improvement.
In particular, the Portmeirion, Spode, Royal Worcester pottery maker said the proceeds will be used to accelerate all of its online channel sales growth and increase next day delivery warehouse capacity.
It will also be used to extend its Wax Lyrical scented candle line to hand and body products and build a more "significant presence" in Canada and "revitalise" the Canadian market.
By Paul McGowan; [email protected]
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