Esken confirms outcome of its open share offer

Esken, the Carlisle-based aviation and energy group, previously known as Stobart Group, today confirmed its open share offer announced last month has raised the full £55m targeted.

The group announced the fully underwritten offer on July 27 and 28, with the aim of accelerating a refinancing and building additional liquidity to fund its short term requirements and enable it to build a strong foundation to return the business to growth and deliver long term aims.

The open offer closed for acceptances at 11am yesterday (August 16). It said it received valid acceptances from qualifying shareholders in respect of 58,613,958 open offer shares. In addition, the company received applications from qualifying shareholders under the excess application facility in respect of 16,383,762 open offer shares.

Accordingly, a total of 74,997,720 open offer shares have been accepted or applied for, representing 95.1% of the open offer shares.

The remaining 3,868,045 shares, representing 4.9% of the open offer shares, will be allocated to the investors who had underwritten the issue.

The capital raise is expected to be approved at today’s annual general meeting.

Executive chairman, David Shearer, said: “It is pleasing to see the level of support which we have received from our existing shareholders in the open offer.

“On behalf of the board, I would like to express our gratitude to all those who have provided their support. The successful fundraise will give us a sound platform as we emerge from the pandemic.”