28th Sep 2022 13:09
(Alliance News) - Aston Martin Lagonda Global Holdings PLC on Wednesday said it has placed the remaining shares offered in its rights issue.
Shares in Aston Martin were down 8.4% to 137.25 pence each in London on Wednesday morning.
The luxury carmaker announced the rights issue earlier in September, hoping to raise GBP575.8 million from the sale 559 million new shares at 103p per share.
Earlier Wednesday, Aston Martin said it had received acceptances from existing shareholders for 527.3 million new shares, 94% of the total on offer, meaning there were 31.7 million remaining that were not taken up by shareholders.
It noted at the time that Saudi Arabia's sovereign wealth fund, Lawrence Stroll's Yew Tree Consortium, and fellow car maker Mercedes-Benz Group AG were taking up their full entitlements. This amounted to 45% of the rights issue. Stroll is Aston Martin's executive chair.
Aston Martin said it now has placed the remaining 5.7% of shares.
JP Morgan Securities PLC, Barclays PLC, Credit Suisse International and Deutsche Bank AG, London Branch, in their capacity as underwriters, have placed all of the 31.7 million remaining shares at a price of 132p per share.
The Public Investment Fund has subscribed to 14.0 million new shares at the placing price, worth GBP18.5 million, and Yew Tree subscribed to 4.9 million new shares, worth GBP6.4 million, Aston Martin noted.
By Sophie Rose; [email protected]
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