(Alliance News) - On The Beach Group PLC on Friday said it has raised GBP67.3 million through the placing of 26.1 million shares at 257.5 pence each
The beach-holiday travel agent said the placing shares represent 19.9% of its existing issued share capital with the placing price equal to Thursday's closing price. The stock was trading 1.6% higher at 261.50p each on Friday morning in London, giving the company a market capitalisation of GBP341.2 million.
On The Beach said substantial shareholder Mawer Investment Management Ltd agreed to subscribe for 4.1 million placing shares, paying GBP10.6 million.
Chief Executive Officer Simon Cooper subscribed for 388,350 placing shares via Hawksford Trustees Jersey Ltd, contributing GBP1.0 million. Hawksford now has a 6.2% stake and Cooper has 1.3% directly, giving him a 7.5% total interest. Some other company directors and their associates subscribed for a total of 30,935 placing shares.
The new cash realised from the fundraise will provide greater resilience, flexibility and financial firepower through the current downturn caused by the Covid-19 pandemic, the company said. On The Beach said on Thursday the vast majority of bookings taken in the first half of its financial year will not travel as planned.
Following admission, On The Beach's total issued share capital will comprise 157.4 million shares.
By Ife Taiwo; ifetaiwo@alliancenews.com
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On The Beach (OTB)