29th Nov 2018 12:50
LONDON (Alliance News) - Safestay PLC said Thursday it is planning to raise up to GBP11.0 million via placing, subscription and open offer of shares.
The hostel operator is targeting to raise GBP10.0 million via placing of 27.6 million shares at 34.00 pence each and subscription of 1.8 million shares at the same price.
In addition, the company intends to provide all shareholders with the opportunity to subscribe for up to 2.9 million shares at the same price to raise further GBP1.0 million, on the basis of 1 new share for every 12 shares held.
Safestay has called for a general meeting of shareholders on December 17 to vote on the capital raise. If approved, the shares will be admitted to trading on December 18.
Canaccord Genuity is acting as nominated adviser and broker in connection with the fundraising.
Safestay shares were trading down 4.0% at 36.00p each.
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