UK residential property group Grainger announced on Thursday that it is seeking to raise about £238 mln (EUR 265 mln) in a 2-for-1 rights issue. The issue price of 90 pence per share is a 67% discount on Wenesday's closing price.
UK residential property group Grainger announced on Thursday that it is seeking to raise about £238 mln (EUR 265 mln) in a 2-for-1 rights issue. The issue price of 90 pence per share is a 67% discount on Wenesday's closing price.
Grainger said the net proceeds of £238 mln after costs would be used to reduce its gearing. Andrew Cunningham, CEO of Grainger: 'The resulting LTV flexibility and strengthened financial position will ensure the Group is well placed to use its specialist skills and market-leading position in the residential market to make compelling acquisitions which should enhance shareholder value over time.'
