Esken Ltd - London-based airport and aviation services operator - Completes the bookbuilding process for its share placing, saying it will raise gross proceeds of GBP55 million at a price of 14.0 pence per share.
The capital raise is fully underwritten by the joint bookrunners, with Canaccord Genuity Ltd and UBS AG London branch acting as joint sponsors, joint global co-ordinators and joint bookrunners.
"We are delighted to have received support from both our existing shareholders and new investors for this equity raise. Over the last year, despite the significant impact of the pandemic, we have refocused the group on its core businesses of Stobart Energy and London Southend Airport. The combination of this equity raise and the strategic funding partnership with Carlyle Group gives us a strong platform to rebuild value for shareholders as we recover into a post Covid-19," said Executive Chair David Shearer.
At the start of July, Esken secured GBP125 million in financing for its Southend Airport unit from Carlyle, giving the private equity a 30% stake in the Essex airport. The followed the collapse of its Stobart Air operation, which Esken had been trying to sell.
Current stock price: 18.00 pence, down 19% on Wednesday
Year-to-date change: down 31%
By Amrit Sahota; newsroom@alliancenews.com
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