Online travel agent On the Beach has successfully placed 7.87m new ordinary shares at a price of 330.0p each, with Numis Securities and Peel Hunt acting as joint bookrunners.
On the Beach said on Wednesday that the number of shares placed represented approximately 5.0% of the company’s existing issued share capital, and will raise gross proceeds of approximately £26.0m.
The London-listed group also highlighted that the placing price represented a discount of approximately 5.0% to OTB’s closing price of 347.5 pence on 6 July.
Admission of the shares was expected to become effective on or before 9 July.
Following Admission, the total number of ordinary OTB shares in issue will be 165.39m.
As of 0925 BST, On the Beach shares were down 3.17% at 336.48p.
