Business
Placing to raise £27.8 million
Placing to raise £27.8 million.
About this update from Harworth Group Plc
[{"type":"text","content":"\n \nRNS Number : 7519Z Harworth Group PLC 17 March 2017 \n\nTHIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT HAS NOT BEEN APPROVED BY THE LONDON STOCK EXCHANGE, NOR IS IT INTENDED THAT IT WILL BE SO APPROVED. \n \n \nHarworth Group plc\n \n(\"Harworth\", the \"Company\" or the \"Group\")\n \nPlacing to raise £27.8 million to accelerate growth of strategic land bank\n \nHarworth, the brownfield regeneration and property investment specialist, is pleased to announce that it has conditionally raised £27.8 million (before expenses) by placing 29,226,974 new ordinary shares of 10 pence each (the \"Placing Shares\") at a price of 95.0 pence per Placing Share (the \"Placing Price\") in order to accelerate continued expansion of its strategic land bank.\n \nHighlights\n \n· Placing of 29,226,974 Placing Shares at a price of 95.0 pence per Placing Share raising gross proceeds of approximately £27.8 million.\n· Net proceeds of Placing will primarily be used to accelerate the continued expansion of the Company's strategic land bank.\n· Harworth recently entered into four option agreements to acquire, in aggregate, approximately 200 acres of strategic land, the masterplans for which are expected to deliver in aggregate over 1,500 residential plots and 600,000 sq. ft. of new commercial space (the \"Option Agreements\"), requiring approximately £19.2 million to exercise the options and fund the first three years of expenditure on planning, remediation and infrastructure works, and further site assembly.\n· Strategic land bank increases to approximately 2,750 acres, including 10,429 consented residential plots and approximately 10.4 million consented sq. ft. of commercial space, assuming the Option Agreements are exercised following successful confirmatory due diligence.\n· The Option Agreements are expe...