Yu Group To Raise GBP12 Million Via Share Placing (ALLISS)

13th Mar 2018 17:34

LONDON (Alliance News) - Gas and electricity supplier Yu Group PLC said Tuesday that it intends to raise GBP12.0 million via a share placing.

The placing is being conducted through an accelerated bookbuild process. Shore Capital Stockbrokers Ltd is acting as sole bookrunner in connection with the capital raise.

The company said the price per placing share will not be not be less than 1,000 pence and will be determined through the bookbuild. The maximum number of shares being offered in the placing represents 8.5% of the company's issued share capital.

Placing proceeds will be used to support the collateral required for the company's letters of credit that supports the its energy hedging policy. It will also be used to invest in the company's infrastructure and for general working capital purposes.

Shares in the company closed down 13% at 1,053.00p on Tuesday.

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