Liberum acts as Sole Sponsor, Joint Global Coordinator and Joint Bookrunner on £307m fundraising for Shaftesbury PLC

We are pleased to announce that Liberum acted as Sole Sponsor, Joint Global Coordinator, Joint Bookrunner and Joint Underwriter on a £307m Firm Placing, Placing & Open Offer and Offer for Subscription for Shaftesbury PLC. The oversubscribed capital raising received strong demand from existing and new high-quality institutional investors.

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A total of 76.5m new shares were issued at 400p representing a quarter of the Company’s original share capital and approximately 20% of the Company’s enlarged share capital. The Offer For Subscription for 2.5m shares was fully subscribed.

The net proceeds from the capital raising of approximately £295m will be used to maintain a strong balance sheet and position the business to return to long-term growth as the pandemic issues reside. This includes £100m to repay the 2018 RCF; £12m as potential cash cures to interest cover covenants in the Group’s term loans; £45m for fund operating losses and financing costs in 2021; £65m for capex in 2021 and 2022; and £73m to maintain a prudent level of liquidity. However, should conditions improve, the capital raise would provide some capacity for portfolio investment.

Liberum acted as Sole Sponsor, Joint Global Coordinator and Joint Bookrunner. J.P. Morgan Cazenove acted as Joint Global Coordinator and Joint Bookrunner. The Firm Placing and the Placing & Open Offer were fully underwritten by the Joint Bookrunners.

Liberum has been Corporate Broker to Shaftesbury since August 2013.

Liberum Team

Investment Banking – Richard Crawley, Jamie Richards, Louis Davies, Miquela Bezuidenhoudt, Anthony Schia

Board – David Parsons

Sales – John Mozley, Julian Collett, Sebastian Fernandez

Research – Tom Musson

Legal – Rebecca Gordon, Alice Foster

CIR – Natalie Clarke

Settlements – Rob Simpson, Mark Proctor

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