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Marshalls PLC on Thursday said it has raised around £187 million through a capital raising, which will go towards partly funding the acquisition of pitched roof system manufacturer Marley Group PLC for £535 million.
The West Yorkshire-based hard landscaping products company issued 28.8 million shares at a price of 650 pence per share, which reflects a 6.1% discount to Marshalls's closing price of 692.5p on Wednesday.
Shares in Marshalls were 4.2% lower at 663.50 pence on Thursday in London.
The capital raising comprises the issue of 13.4 million shares through a firm placing, and 15.4 million shares through a conditional placing and open offer, calculated on the basis of one new share for every 13 existing shares.
Rothschild & Co acted as sponsor for the acquisition and placing, while Numis Securities Ltd and Peel Hunt Ltd act as joint bookrunners for the placing.
On Wednesday, Marshalls announced the acquisition of Marley for £535 million, calling the deal a ‘compelling strategic fit’ which would accelerate its five-year plan to become the UK's leading manufacturer of products for the built environment.
It also expects the acquisition to be double-digit earnings per share accretive in the first full year after completion.
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