9th Mar 2016 11:42
LONDON (Alliance News) - Car dealer Vertu Motors PLC on Wednesday said it has raised GBP35.0 million through a share placing to fund its acquisition pipeline.
Vertu said it has issued 56.0 million shares at 62.5 pence per share to raise the funds. Shares in Vertu were down 6.8% to 63.83p on Wednesday morning.
The placing was run by joint bookrunners Liberum Capital Ltd and Zeus Capital Ltd as an accelerated bookbuild.
Vertu said the funding will back its acquisition pipeline, with three near-term deals already identified for a total consideration of around GBP26.0 million. The company also is eyeing a possible increase to its lending facilities, to around GBP50.0 million, to give it further headroom.
A series of Vertu directors took part in the placing. Non-Executive Chairman Peter Jones acquired 280,000 shares, taking his total holding up to 1.4 million shares, while Chief Executive Robert Forrester bought 80,000 shares, taking his holding to 6.7 million shares, or a 1.7% stake.
Finance Director Michael Sherwin bought 48,000 shares, taking his holding up to 412,597 shares, while Non-Executive Director William Teasdale bought 32,000 shares, taking his holding to 648,450 shares.
Non-Executive Director Nigel Stead bought 24,000 shares, bringing his holding to 80,500, while Company Secretary Karen Anderson bought 16,000, taking her holding to 753,095 shares.
By Sam Unsted; [email protected]; @SamUAtAlliance
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