Grainger proposes placing of up to 67.38m new ordinary shares
By Iain Gilbert
Date: Wednesday 01 Sep 2021
(Sharecast News) - Residential property business Grainger has proposed a placing of up to 67.38m new ordinary shares, representing approximately 9.99% of the company's issued share capital.
Grainger stated the placing was being conducted through an accelerated bookbuild by JP Morgan Securities and Numis Securities, which will act as joint bookrunners.
The FTSE 250-listed firm expects to raise gross proceeds of approximately £216.0m, which will generate additional funding capacity of approximately £360.0m, when including additional debt of approximately £144.0m based on the company's LTV target range, to provide it with additional funding capacity to enable the firm to accelerate its "successful, well-established private rented sector growth strategy".
Chief executive Helen Gordon said: "Grainger has a proven track record of delivering enhanced value and significant returns through deployment of capital, acquiring PRS development opportunities and stabilised assets.
"It will be earnings enhancing as the developments progress, will support our growth strategy and assist in our mission to build more quality rental homes throughout the UK."
As of 1655 BST, Grainger shares were up 1.75% at 325.0p.
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