Stobart Group is proposing to raise £120m through a placing and open offer of 77,339,766 new ordinary shares at 155p apiece - a premium of 4.6% to the closing price yesterday (20 April).
The net proceeds - approximately £114.9m - will provide the necessary funds for implementing the group's business plan going forward, following the strategic restructuring.
Chairman Rodney Baker-Bates said: "Stobart has come through a phase of consolidation, following strategic acquisitions made in 2008 and 2009.
"It is now stepping up its organic growth within the core transport and distribution businesses. In addition, the company has significant potential value in existing assets which, with the capital being raised through this placing, it is now in a position to unlock."
At 2:47pm: (LON:STOB) share price was +1.25p at 150.25p
Story provided by StockMarketWire.com
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