Mucklow aims to raise £14m from shares placing
HALESOWEN developer A & J Mucklow is aiming to raise £14.2m through a new shares placing on the stock market.
It aims to use the case raised to, in part, fund the build of a new 115,000 sq ft distribution warehouse at Apex Park, Worcester.
Mucklow is placing 2,900,000 new ordinary shares of 25p each with institutional investors at a price of 490p per share in an attempt to raise the £14.2m.
The placing has been undertaken with new and existing institutional shareholders by Arden Partners and Oriel Securities.
The shares will represent 4.6%. of the issued share capital of Mucklow, as enlarged by the placing.
The money raised will also be used to repay the outstanding 11.5% debenture stock due for repayment on 1 July 2014, with the balance increasing the funding available to the company to deliver returns from its portfolio and any other market opportunities that may arise.
