9th Mar 2016 08:34
LONDON (Alliance News) - Car dealer Vertu Motors PLC on Wednesday proposed a share placing to raise GBP35.0 million to fund its acquisition pipeline.
Vertu said it will raise the funds through the issue of 56.0 million shares at 62.5 pence per share. Shares in Vertu were down 5.9% to 64.45p on Wednesday morning.
The placing will be run by joint bookrunners Liberum Capital Ltd and Zeus Capital Ltd and will run as an accelerated bookbuild. Vertu added that directors of the company have committed to invest around GBP300,000 in the placing.
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.
By Sam Unsted; [email protected]; @SamUAtAlliance
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