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UPDATE: Severn Trent nets GBP1 billion through fundraise

29th Sep 2023 16:44

(Alliance News) - Severn Trent PLC on Friday said it has raised GBP1 billion in total, from a placing, retail offer, and subscription of shares.

On Friday, the water utility said it has raised GBP493 million through a placing of 22.9 million shares, priced at 2,150 pence each.

Severn Trent shares were up 4.9% to 2,376.50 pence late Friday in London.

It has raised a further GBP7 million through a retail offer of 320,750 shares at the placing price.

Additionally, some company directors have subscribed to 12,787 shares, raising about GBP275,000.

Severn Trent noted that it has raised an additional GBP500 million through an investment from Qatar Investment Authority. Qatar Investment Authority is the sovereign wealth fund of Qatar.

Earlier on Friday, Severn Trent proposed "record" levels of investment in its new five-year business plan for April 1, 2025 to March 31, 2030.

It said the plan includes GBP12.9 billion total expenditure across its network, including GBP5.0 billion of investment focused on enhancing capacity and service beyond current levels.

"By 2030 we will have transformed our network to provide our customers with the very best service. At the heart of this ambition is a commitment to a sustainable future - from healthier rivers, to providing thousands of jobs, fewer leaks and a water supply ready for the impacts of climate change and population growth," said Chief Executive Liv Garfield.

By Sophie Rose, Alliance News reporter

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