Liberum acts as Joint Global Coordinator and Joint Bookrunner on £100m fundraising for Costain Group plc
We are pleased to announce that Liberum acted as Joint Global Coordinator and Joint Bookrunner on a £80m Firm Placing and £20m Placing & Open Offer to raise £100m in aggregate for Costain Group plc. The oversubscribed capital raising received strong demand from existing and new high-quality institutional investors.
A total of 166.7m new shares were placed at 60p via an accelerated bookbuild, and represent 60.6% of the Company’s enlarged issued share capital.
The net proceeds of the fundraise will be used by the Company primarily to demonstrate its increased financial capacity to clients; take advantage of business growth opportunities through the investment required in bid costs and innovation and technology; and provide the financial capacity to support the requirements of clients and partners for joint operation delivery structures and project bank accounts where appropriate.
As part of the Firm Placing, ASGC, a leading UAE based construction group, committed to invest £25m.
The fundraise was fully underwritten by the Joint Bookrunners and was conditional upon, among other things, the approval of Costain shareholders at a general meeting.
Liberum has been Joint Corporate Broker to Costain since November 2013.
Investment Banking – Bidhi Bhoma, Joshua Hughes, Euan Brown, Ed Phillips, Laura Hamilton, Anthony Schia
Sales – Julian Collett, Jamie Vickers, Seb Fernandez, Nicholas Lee, Alistair Smallwood, Oliver Baxendale
Board – David Parsons
Research – Joe Brent, James Allen
Legal – Rebecca Gordon, Alice Foster
CIR – Marcio Remedos