Construction and fabrication firm Lamprell said on Friday that it had raised $30.1m by way of an accelerated bookbuild.
Lamprell stated the placing, led by Investec Bank, was oversubscribed, and that it had conditionally placed 67.90m shares with institutional investors at a price of 32.0p per share, a discount of approximately 8.6% to the stock’s closing price on 28 October.
In conjunction with the placing, certain directors will directly subscribe for an aggregate of 445,000 new ordinary shares in the capital of the company.
Lamprell expects that settlement for the new ordinary shares and admission to trading will take place on or before 25 November.
Separately, Lamprell stated that it was continuing to “closely monitor” the ongoing Covid-19 global pandemic and various applicable governmental guidelines and in light of the UAE government’s advice for people to avoid all non-essential travel and mass gatherings, strongly recommended that shareholders do not attend its upcoming extraordinary general meeting in person.
As of 0900 BST, Lamprell shares were up 5.57% at 36.95p.
