21st Nov 2023 11:48
(Alliance News) - Videndum PLC on Tuesday said it has completed the bookbuild of open offer shares as part of its capital raising of around GBP125 million.
The London-based manufacturer of hardware and software for the content creation market, including broadcasters and film studios, said it will issue around 46.9 million new shares at 267 pence each: 28.1 million new shares under the firm placing and 18.7 million new shares under the placing.
The open offer will open today with qualifying shareholders having an entitlement of two open offer shares for every five existing shares. The open offer is expected to close on December 6.
Shares in Videndum were up 22% to 335.73 pence each in London on Tuesday late morning.
On Monday, Videndum proposed the GBP125 million underwritten capital raise via firm placing, placing and open offer. It said it would use GBP44.2 million of the net proceeds to fund the repayment and cancellation of its outstanding term loans, which relate to its acquisitions of Savage and Audix. This is alongside using GBP72.5 million to repay drawings under its GBP200 million revolving credit facility.
By Greg Rosenvinge, Alliance News senior reporter
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