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Carpetright launches £60m fundraising

StockMarketWire.com

Carpetright said Friday it would launch a £60m capital raise through a share issuance as part of a turnround plan approved by its creditors last month.

The net proceeds of approximately £60.0m would be raised through the issue of 232,463,221 new shares - by way of a placing and open offer - at a price of 28p per new share. The issue price represented a discount of 15.8% to the closing Price of 33.25p per share on 17 May 2018.

The firm would use the proceeds of the capital raise to cover £6.0m of anticipated costs associated with implementing the turnaround plan, £12.5m for the repayment of the principal amount of the short term unsecured loan from Meditor and £33.0m to fund the group's capital expenditure plans.

'We are delighted to have received such strong support from our shareholders and other investors in achieving this fully underwritten fundraise. The £60m proceeds from the Placing and Open Offer will give us the resources we need to complete our restructuring and accelerate our recovery plan,' said Wilf Walsh, CEO of Carpetright.

'As well as funding implementation of the CVA to create a right-sized estate of stores on sustainable rents, it will provide the necessary capital to refurbish and modernise the ongoing store estate and to upgrade our digital platform - both vital investments in our future.'

At 8:52am: (LON:CPR) Carpetright PLC share price was +3.05p at 36.3p


Story provided by StockMarketWire.com