Snoozebox to float at 40p

Dealings in portable accommodation units outfit Snoozebox are set to start on AIM on May 1st, after the company completed a placing of shares at 40p each.

The company raised £12m (gross) through the placing of 30m shares with institutional investors.

The 40p placing price gives an implied total market capitalisation for the company of £20.5m, based on the 51.3m shares to be listed on AIM.

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Snoozebox will use the net proceeds of the placing to provide investment and working capital to fund growth. For the firm's swisher accommodation unit, the Snoozebox directors have identified over 150 annual events in the UK outdoor leisure market, such as motor racing, horse racing and eventing, golf, tennis and sailing, music festivals, county shows and other commercial events.

Not surprisingly, the company also has its eye on the 2012 Queen's Diamond Jubilee celebration and the Olympic Games.

Panmure Gordon is acting as Nominated Adviser (Nomad) and sole broker to the company.

JH