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LONDON - Coats Group plc (LSE:LON:COA), an industrial thread and footwear component manufacturer, has successfully completed a capital raise of approximately £246 million, the company announced Thursday.
The capital raise consisted of 319,562,076 new ordinary shares, representing about 20 percent of the company’s issued ordinary share capital prior to the offering. The shares were priced at 77.0 pence each, a 6.2 percent discount to the closing price of 82.1 pence on Wednesday.
A total of 314,806,641 shares were placed with institutional investors by BNP Paribas (OTC:BNPQY) and Peel Hunt, while retail investors subscribed for 3,852,840 shares through the RetailBook platform. Company directors and management participated in the placing for a total of 902,595 shares.
According to the company statement, the proceeds will be used to partially fund the acquisition of OrthoLite Holdings LLC, which was announced on Wednesday.
The new shares are expected to be admitted to the Official List of the Financial Conduct Authority and begin trading on the Main Market of the London Stock Exchange (LON:LSEG) by 8:00 a.m. on July 21. Once issued, the shares will rank equally with existing ordinary shares, including dividend rights.
Following the admission of the new shares, Coats Group will have 1,917,372,461 ordinary shares in issue, with no shares held in treasury.
Several company executives participated in the share placement, including Chairman David Gosnell, who purchased 129,870 shares, and CEO David Paja, who acquired 324,675 shares.
The information was released in a regulatory announcement based on a company press release statement.
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