Further to the announcement made earlier today (10/06/2020), Portmeirion Group plc is pleased to announce they have received strong demand from new institutional investors and have successfully placed 2,631,578 Placing Shares at an Issue Price of 380 pence per share, raising gross proceeds of £10 million under the Placing, which was significantly oversubscribed.
Placing, Subscription and Open Offer
Taking into account the Placing and the Subscription also announced earlier today to raise £0.66 million through the issue of 172,731 Subscription Shares at the Issue Price, the Company has conditionally raised, in aggregate, approximately £10.66 million (before expenses). The Issue Price represents a discount of approximately 1.3% per cent. to the Closing Price on 9 June 2020.
As announced earlier today, the Company is providing Qualifying Shareholders with an opportunity to participate in the Fundraising at the Issue Price, to raise up to a further £2 million for the Company (the ‘Open Offer’).
The net proceeds of the Placing and the Subscription of approximately £10.1 million, together with the proceeds from the Open Offer, will be used to accelerate the Group’s growth strategy and margin improvement.
N+1 Singer is acting as Joint Broker to Portmeirion Group alongside Panmure Gordon.
The fundraising is subject to shareholder approval.
About Portmeirion Group plc
Portmeirion Group PLC is a designer, manufacturer and worldwide distributor of high quality homewares. The Company was founded in 1960 and encompasses six high quality brands: Portmeirion, Spode, Wax Lyrical, Royal Worcester, Pimpernel and Nambé. Portmeirion sells into over 70 countries worldwide, and manufacture their English earthenware from their factory in Stock-on-Trent and home fragrances from their factory in the Lake District.
Market Cap: £43 million*
Website: Click here
*As at 10/06/2020
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