1st Aug 2019 15:27
(Alliance News) - UK bus and coach operator Rotala PLC on Thursday said that it intends to raise GBP1.1 million through the issuing of new shares in order to spend on potential acquisitions.
The company will issue 2.0 million new shares at a price of 56.00 pence each. Rotala anticipates generating GBP1.0 million through a placing and an additional GBP99,960 from a conditional subscription.
Shares in the company were down 1.7% at 59.00 pence each in London on Thursday afternoon.
The placing and subscription will improve the company's balance sheet through a reduction of net debt, it said.
Rotala expects the new shares to be admitted to trading on the AIM on Friday or at a date agreed upon by its advisors Cenkos Securities PLC.
Six company directors participated in the placing, Rotala said.
Chief Executive Simon Dunn and his wife will purchase a total of 53,000 shares at a combined price of GBP29,680. It will take Dunn's interest to 1.7 million company shares, 3.3% of Rotala.
Managing Director Bob Dunn will purchase 125,000 shares for GBP70,000, taking his shareholding to 1.2 million, 2.5% of the company.
Non-Executive Chair John Gunn, who after the transaction will own 17% of the company, will buy 107,000 shares for GBP59,920 altogether.
Finance Director Kim Taylor will purchase 17,500 shares for GBP9,800, Rotala said. As a result, she will own 573,056 shares.
Non-Executive Graham Peacock will buy 267,500 shares for GBP149,800 and will in turn have a 6% holding in the company.
Deputy Chair Graham Spooner will purchase 268,000 shares for GBP150,080, taking his total number of Rotala shares to 518,000.
Related Shares:
ROL.L