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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
8 of the best converted properties for sale nowThe best converted properties for sale – from an apartment in the former Hartley’s Jam factory on London’s Southbank, to a converted 18th-century mill in Itteringham, Norfolk
-
How taking a two-year career break could leave a £26k hole in your pensionCareer breaks are increasingly common but it is important to take steps to protect your pension, as gaps compound over time
