Liberum acts as Joint Bookrunner on a £8.3m fundraising for Loungers plc
We are pleased to announce that Liberum acted as Joint Bookrunner on a Placing raising £8.3m for Loungers plc.
The gross proceeds of the Placing, when combined with its new bank facilities, will be used to provide sufficient liquidity in the event that Covid-19 materially impacts the Company’s sales into 2021, as well as to enable the Company to re-commence the roll-out of new sites post Covid-19 at the time trading conditions support this.
Liberum delivered significant and high quality demand, from existing institutional investors, with the Placing oversubscribed during a period of market uncertainty. The Placing Price of 90 pence represented a premium of approximately 16.1% to the closing price on the day of launch. The New Ordinary Shares represented 9.1% of the enlarged issued share capital.
Liberum has been Joint Broker to Loungers since acting as Joint Bookrunner on its IPO in April 2019. Peel Hunt acted as Joint Bookrunner.
Investment Banking – Andrew Godber, John Fishley, Louis Davies, Nikhil Varghese, Anthony Schia
Sales – Julian Collett, Lucy Sharma, Alistair Smallwood, Jamie Vickers, Oliver Baxendale
Research – Anna Barnfather
Legal – Rebecca Gordon, Alice Foster
CIR – Marcio Remedios