20th Apr 2015 05:32
LONDON (Alliance News) - AA PLC Friday said that 81% of the shares available under its placing and open offer were accepted by investors under its effort to raise GBP200 million as part of a broader refinancing to help cut debt costs and enable it to pay dividends.
The roadside assistance company, which entered the FTSE 250 index of companies in March, said the remaining 9.8 million new shares will be allocated to investors procured by co-ordinator Cenkos Securities PLC under the placing.
AA's equity fundraising was part of a financing that also saw the company raise GBP735 million by issuing new debt.
The Capital Group Companies subscribed for 11.6 million new shares, while Invesco Asset Management Ltd subscribed for 7.5 million new shares.
AA shares closed flat at 390 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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