8th Apr 2020 18:32
(Alliance News) - MJ Gleeson PLC late on Wednesday reported completion of its previously announced equity issue, raising GBP16.4 million to quickly resume construction work once the resumption of building work is permitted by the UK government.
The housebuilder, which paused construction across its sites in March due to government restrictions, issued up to 2.7 million new ordinary shares at 600 pence per share.
Shares in the company closed up 9.7% at 636.00 pence each in London on Wednesday.
Certain directors of the company including Chief Executive Officer James Thomson, Chief Financial Officer Stefan Allanson and Non-Executive Directors Fiona Goldsmith and Andrew Coppel bought 28,166 placing shares in aggregate.
Proceeds from the equity issue will be used by MJ Gleeson to accelerate construction work on existing sites and opening of new sites. Funds will also be used ensure sub-contractors and key trades are ready to re-commence building.
Post the placing, the company will have cash on hand of GBP82.9 million.
By Tapan Panchal; [email protected]
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