7th Sep 2015 07:06
LONDON (Alliance News) - Safestay PLC Monday said that it has received valid acceptances in respect of 297,196 open offer shares, representing 18.6% of the open offer shares available and raising GBP184,000 for the company, giving a total of GBP8.5 million through the placing and open offer.
The hostel operator plans to raise GBP9.3 million in total in order to finance the acquisition of a hostel in Edinburgh for GBP14.9 million, as well as for working capital purposes. The placing and open offer comprised a placing of 13.5 million shares at 62 pence each and an open offer of 1.6 million shares also at 62p each on the basis of one open offer share for every 12 existing shares.
"As we announced on August 17, 2015, due to the size of the fundraising we decided to make the open offer available to all shareholders so they could participate if they so wished and to avoid being diluted. I would like to thank those participating shareholders for their support especially given it has been such a volatile period for the stock market," Chairman Larry Lipman said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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