23rd Oct 2019 09:14
(Alliance News) - S4 Capital PLC said Wednesday it has received valid acceptances for 89% of the shares available in its open offer.
The Martin Sorrell-led digital advertising firm said it received 25.3 million applications for open offer shares. The shares are expected to be admitted to London's Main Market on Friday.
S4 Digital is hoping to raise GBP100 million, via a placing and an open offer, through the issue of 70.4 million new shares at an offer price of 142 pence per share to fund the acquisition of US digital marketing agency Firewood.
S4 will pay USD112.5 million for Firewood, with about half paid in cash and the other half paid in S4 shares. A further payment of USD37.5 million will be made on the publication of Firewood's 2019 results, if an earnings before interest, tax, depreciation, and amortisation target is achieved.
Shares in S4 Capital were 4.4% higher in London on Wednesday at 152.90 pence each.
By Paul McGowan; [email protected]
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