Vertu Motors has raised £35 million through a share placing to fund future acquisitions.
A total of 56 million new ordinary shares have been placed at 62.5 pence per share, a discount of around 5.9% to the average of the closing price of Vertu’s existing shares over the 30 days to March 8.
Robert Forrester, Vertu chief executive, said: “I would like to thank our existing and new shareholders for the faith they have put in the Vertu team and look forward to updating shareholders on our progress in the months ahead.”
The placing shares will represent approximately 16.4% of the existing shares and approximately 14.1% of the enlarged share capital.
£300,000 of the total has come from Vertu’s board directors, who’ve increased their combined shareholdings by 480,000 shares.
Chairman Peter Jones has invested £175,000 in taking 280,000 shares in the placing, while chief executive Robert Forrester has invested £50,000 to take 80,000.