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Arena Events conditionally raises £11m via discounted equity placing
StockMarketWire.com
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Arena Events said has conditionally raised £11 million through a subscription and placing of shares at a discount to fund its portion of the potential Aztec Shaffer acquisition.
The equity raise would need shareholder backing at meeting to be held on 14 April 2021.
The subscription for 10,714,285 shares and a placing of 67,857,143 new shares, in each case at a price of 14 pence per share, representing a 3.4% discount to the closing middle market price of 14.5 pence per share on 26 March 2021.
The net proceeds of about £10.4 million will be used to fund the group's share [of $3.35 million] of the potential acquisition of the business and assets of Aztec Shaffer, further strengthen the group's balance sheet and provide cash for other opportunistic acquisitions, the company said.
'Arena will hold 50%, Summit 30% and Aztec Shaffer's existing largest secured lender will hold 20%, of NewCo equity, respectively,' it added.
At 8:33am: (LON:ARE) Arena Events Group Plc Ord 1p share price was 0p at 8.34p
Story provided by StockMarketWire.com
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