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AcceptThrough the successful private placing of 22,727,273 New Placing Shares (at a price of 220p per share) the company raised £50m, this will be used to part fund the development of a new automated warehouse super-site with the balance of £80.5m providing a partial selldown for Mahmud Kumani and certain other family shareholders.
The new warehouse super-site will provide £2bn of annual net sales capacity, to sit alongside the £1bn capacity of its existing facilities. The Group expects the land acquisitions of the new site and construction to cost around £150m over three years.
The 22,727,273 New Placing Shares were admitted to trading on AIM on 12 June 2017.
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