4th Feb 2020 11:32
(Alliance News) - Quarto Group Inc on Monday said it has raised GBP13.9 million in gross proceeds through a 20.4 million share open offer.
The book publisher said it received applications from qualifying shareholders for a total of 11.7 million shares under the open offer, representing 57% take-up by existing shareholders. The remaining shares were taken up underwriters of the open offer.
Shares under the open offer were issued at 68 pence per share. The stock was down marginally at 71.99p each on Tuesday in London.
Quarto said proceeds from the placing - which was announced in January - will be used to reduce its existing bank debt.
As at November 30, the size of the company's debt was USD54 million, around GBP41.4 million. It also owed USD13 million to the Lau Parties and Recruit & Co Ltd.
Quarto said its lenders have agreed to extend the final repayment date of its existing facilities agreement to July 31, 2021, and to extend some of its covenants.
By Ife Taiwo; [email protected]
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