Tuesday 21 November 2017

Applegreen raise over €46m in share placing

Ellie Donnelly

Ellie Donnelly

Forecourt retailer Applegreen has placed a total of 8,082,105 placing shares on the Stock Exchange raising €46.9m for the company.

The shares being issued represent approximately 10pc of the company's issued share capital prior to the placing, and were placed by Goodbody and Shore Capital at a price of €5.80 per share.

When issued, the shares will be fully paid and will rank equally in all respects with the existing ordinary shares, including the right to receive all future dividends and distributions declared, made or paid at a date falling after their issue.

The company has applied for admission of the placing shares to listing on AIM, a market operated by the London Stock Exchange, and ESM, a market of the Irish Stock Exchange.

It is expected that settlement of subscriptions in respect of the placing shares and admission will take place and that trading in the shares will commence on 5 October.

Read more: Applegreen snaps up British service stations in €23m deal

"We are delighted to complete the placing and are very pleased with the very strong support we received from new and existing shareholders.

The funds raised will ensure Applegreen is well positioned to continue to invest in opportunities for growth across our three markets,” Bob Etchingham, CEO of Applegreen, said.

Following the announcement shares in Applegreen fell by as much as 4.2pc on the Irish Stock Exchange, trading at €5.93, having opened at €6.05 this morning.

Last month Applegreen, which operates in Ireland, the United Kingdom, and the United States, announced that it has agreed to pay Carsley Group £21m (€23m) for seven sites in the UK.

While in July the company sealed a $75m deal to buy a chain of 34 filling stations in South Carolina from the Brandi Group.

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