28th Sep 2015 16:59
LONDON (Alliance News) - Poundland Group PLC Monday said that its acquisition of 99p Stores Ltd is now complete.
The discount retailer purchased its smaller - and slightly keener priced - rival 99p Stores for GBP55 million in a cash and shares deal of GBP51.5 million in cash and the issue of new Poundland shares with a value of GBP3.5 million at closing.
The cash element was funded by an equity placing completed on Friday through which it raised GBP50.0 million via the placing of 17.9 million shares at 280.00 pence per share.
The acquisition includes 99p Stores' network of 251 stores.
Shares in Poundland closed up 1.4% at 279.20 pence on Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
PLND.L