Global property consultant DTZ said it has raised £48.7 mln (EUR 53.7 mln) of new equity through the sale of almost 80 million shares. The company received £35 mln from its largest shareholder, France's SGP Investors, and £13.7 mln from other existing and new investors.
Global property consultant DTZ said it has raised £48.7 mln (EUR 53.7 mln) of new equity through the sale of almost 80 million shares. The company received £35 mln from its largest shareholder, France's SGP Investors, and £13.7 mln from other existing and new investors.
'With their backing and a firm financial platform in place, we will be well positioned to continue to implement our restructuring programme,' said Tim Melville-Ross, Chairman of DTZ.
The London-listed broker said in mid-December it was seeking to raise up to £55 mln of new equity to support the business and 'enable it to trade through a period of prolonged market weakness.' The price of the share placing was set at 27 pence each.
The new capital will ensure DTZ can agree new terms with its lender, Royal Bank of Scotland. The company had previously warned that it could be forced to name administrators if it was unable to successfully complete the placing. DTZ's net debt stands at £74.6 mln, up from £33.7 mln in April 2008. It is carrying out a review of its underperforming business aimed at reducing costs by a further £15 mln.
