Further to the announcement released earlier today (11/06/2020), Angling Direct plc has announced it has successfully raised gross proceeds of £5.5 million through a Placing of 11,000,000 new ordinary shares with certain existing and new institutional investors at a Placing Price of 50.0 pence per share.
The Placing Price represents a 15.3 per cent. discount to the closing mid-market price of 59.0 pence per Ordinary Share on 10 June 2020.
The net proceeds of the Placing will strengthen the Group’s balance sheet to provide further protection against the uncertainty created by Covid-19 and provide additional funding for prompt payment of suppliers to secure product.
Commenting on the Placing, Andy Torrance, CEO of Angling Direct said:
“We are delighted with the strong support received from our existing shareholders and welcome new investors onto the register. Whilst Covid-19 has presented many uncertainties, Angling Direct has demonstrated its resilience as a business with its e-commerce operations continuing to outperform to cater to the increased demand from our loyal customers. In addition, we look forward to the full re-opening our retail stores on 15 June 2020 which will also coincide with the start of the coarse fishing season.
In the immediate term, the proceeds of the fundraise will be used to strengthen the Group’s balance sheet and secure product ahead of the high levels of customer demand that we anticipate over the coming months. Longer-term, we as a Board look forward to a time when greater certainty exists and we are able to deploy surplus capital to a number of exciting growth opportunities that we have identified.”
N+1 Singer are acting as Nominated Adviser and Broker to Angling Direct.
About Angling Direct plc
Angling Direct is the largest specialist fishing tackle retailer in the UK. The Company sells fishing tackle products and related equipment through its network of retail stores, located throughout the UK as well as through its own websites and other third-party websites.
The Company currently sells over 21,500 fishing tackle products, including capital items, consumables, luggage and clothing. The Company also owns and sells fishing tackle products under its own brand ‘Advanta’, which was formally launched in March 2016.
Market Cap: £38 million*
Website: Click here
*As at 11/06/2020
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