17th Jun 2020 17:12
(Alliance News) - STV Group PLC on Wednesday said it has raised GBP16.2 million through the placing of 7.1 million shares at 230 pence each.
Shares in the television broadcaster closed 5.6% lower at 235.00 pence each on Wednesday afternoon in London, giving it a market capitalisation of 94.0 million.
The placing - launched earlier on Wednesday and conducted by way of an accelerated bookbuild - includes a broker option worth up to GBP800,000 to allow retail investors to participate. The broker option will be open until Friday.
STV said directors of the company subscribed for a total of GBP125,450 worth of shares.
The new cash will be used to strengthen STV's balance sheet and support delivery of the company's plans when conditions normalise.
By Ife Taiwo; [email protected].
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