Driver Group (DRV)

 

Driver raises £8m

Driver Group has raised £8m through a conditional placing of 20,000,000 ordinary shares at 40p apiece.

The company also confirmed that qualifying shareholders would be given the opportunity to subscribe for new ordinary shares through an open offer to raise up to approximately £0.5m at the issue price, on the basis of 1 open offer share for every 26 shares held.

The net proceeds of the placing will be used to reduce outstanding borrowings, to accelerate the delivery of the next phase of the strategic plan and to enable Driver to capitalise on growth opportunities within its core business.

The placing and open offer are conditional on shareholder approval.

At 8:30am: (LON:DRV) Driver Group PLC share price was 0p at 42.5p