The North Yorkshire-focused group said it received acceptances for just over 185mln shares.
Asked whether he’s surprised at the amount of support shown by existing investors, Liberum’s equity research analyst Richard Knights tells Proactive: ”Not really, the management team has been able to deliver on basically everything that they’ve suggested they’ll be able to deliver on. Shareholders have been happy with their performance to date. The shares have obviously gone up in value … the placing was done at a discount to the share price on the screen so there was plenty of incentive for investors to take part in it.”
Knights added: ”It’s the last component of the equity raise. They began a couple of weeks ago with the institutional placing and the strategic investor placing with Hancock Prospecting. In total they’ve now raised just under $1.2 bln which is sufficient to fund them for the first phase of development”.
”The second phase is going to be debt-funded and will be put in place sometime around 2018/2019”.
Story by ProactiveInvestors