Business
Placing to accelerate PRS growth strategy
Placing to accelerate PRS growth strategy.
About this update from Grainger Plc
[{"type":"text","content":"\n \nRNS Number : 8361C Grainger PLC 13 February 2020 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL\n \n \n13 February 2020\n \nGrainger plc\n(\"Grainger\", the \"Group\", or the \"Company\")\n \nPROPOSED PLACING \n \nPlacing to accelerate PRS growth strategy \n \nGrainger plc, the UK's largest listed provider of private rental housing, today announces a proposed placing (the \"Placing\") of up to 61.2 million new Ordinary Shares (\"Placing Shares\") representing approximately 9.99% of the Company's issued share capital. The Placing is being conducted through an accelerated bookbuild which will be launched immediately following release of this announcement.\n \nThe Placing is expected to raise gross proceeds of approximately £185 million. Including additional debt of approximately £120 million based on Company's LTV target range, this will generate aggregate funding capacity of approximately £305 million. This funding capacity will enable the Company to accelerate its successful PRS growth strategy by committing to a further £246 million of new acquisitions into its secured pipeline. In addition, the £305 million gives the Company headroom to pursue a further £59 million of projects currently in the planning and legal pipelin...