7th May 2020 15:37
(Alliance News) - Costain Group PLC on Thursday said it has successfully completed the placing and open offer of shares to raise gross proceeds of GBP100 million.
The infrastructure construction firm issued a total of 166.7 million shares at a price of 60 pence each. The stock was up 3.2% at 77.50p in London on Thursday afternoon.
Costain said GBP80 million was raised through a firm placing and GBP20 million through a placing and open offer.
The fundraise was backed by UAE-based construction group ASGC, which has committed to invest GBP25 million, Costain said.
The Maidenhead-headquartered firm said it intends to use the money from the fundraising for general corporate purposes.
Liberum Capital Ltd and Investec Bank PLC acted as joint global coordinators.
A number of Costain directors participated in the placing and have subscribed for a total of 362,498 shares.
These include Chief Executive Alex Vaughan, Chief Financial Officer Tony Bickerstaff, and Chair Paul Golby who each subscribed for 83,333 shares. The trio now hold 202,509 shares, 384,183 shares and 118,333 shares respectively.
By Arvind Bhunjun; [email protected]
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