12th Jun 2020 16:51
(Alliance News) - Hyve Group PLC said Friday that several directors in the FTSE 250 events organiser subscribed for new shares in its right issue for a price of 69.00 pence per share.
Chief Executive Officer Mark Shashoua subscribed for 421,807 shares, bringing his total holding to 609,277 shares. Chief Financial Officer Andrew Beach bought 36,000 shares, meaning he now holds 52,000 shares in total.
Non-Executive Chair Richard Last acquired 135,000 shares, bringing his total holding to 195,000 shares.
Non-Executive Directors Nicholas Backhouse, Sharon Baylay and Non-Executive Director Stephen Puckett acquired 11,250, 6,373 and 6,187 shares respectively.
Earlier in the day, Hyve said it had received valid acceptances for almost all of the new shares offered under its rights issue, and said its underwriters were to either procure subscribers for or acquire remaining shares.
Valid acceptances were received for 181.5 million shares, representing 98.9% of shares offered under the rights issue. Joint underwriters Numis, HSBC, and Barclays - as per their obligations - were required to attempt to find subscribers for the remaining 2.1 million of shares not taken up under the rights issue.
Subscribers have now been found for all 2.1 million remaining shares under a rump placing at a price of 115 pence per share.
Hyve had announced plans to raise GBP126.6 million through a fully underwritten rights issue back in May. The money is to shore up liquidity after events were postponed and cancelled by the Covid-19 pandemic.
Hyve's rights issue involved issuing up to 9 new shares at 69 pence each for every 40 existing ordinary shares. A 1-for-10 share consolidation will accompany the rights issue, so 9 new shares will be issued for every 4 consolidated shares.
Shares in Hyve closed 4.4% higher at 120.70 pence on Friday in London.
By Dayo Laniyan; [email protected]
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