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LONDON - Revolution Beauty Group Plc (LSE:REVB) announced on Friday a retail offer to existing shareholders to raise up to £1.5 million through the issuance of new ordinary shares priced at 3.00 pence per share.
The retail offer is part of a broader fundraising initiative that includes a separate placing and subscription at the same price. The issue price represents a 14.16% discount to the company’s closing mid-market price of 3.50 pence per share on August 21.
Existing retail shareholders in the United Kingdom (TADAWUL:4280) can participate in the offer through authorized financial intermediaries listed on the BookBuild platform. The retail offer opens at 8:45 a.m. on Friday and is scheduled to close at 5:00 p.m. the same day, though it may close early if oversubscribed.
Zeus Capital Limited and Panmure Liberum are acting as retail offer coordinators for the transaction.
The completion of the retail offer is conditional upon shareholder approval of resolutions at a general meeting scheduled for September 11, with admission of the new shares expected on September 15.
The company stated that proceeds from the retail offer will be utilized in the same manner as those from the placing and subscription, though specific details on use of funds were not provided in the press release.
Revolution Beauty, which has been publicly traded since its IPO in July 2021, noted that the retail offer reflects the company’s desire to give its retail shareholder base an opportunity to participate alongside institutional investors in the fundraising.
The company cautioned in its announcement that completion of the fundraise does not guarantee the future prosperity of the group.
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