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Accrol launches open offer

By BFN News | 09:54 AM | Tuesday 22 May, 2018


Further to the announcement of 15 May 2018 relating to a conditional placing to raise £8m (before expenses), loo roll maker Accrol Group has announced a conditional open offer to raise up to a further £1.935m (before expenses) through the issue of up to 12,901,200 Open Offer Shares at an issue price of 15p per share. This is in line with the directors' previously stated intention to launch the open offer as soon as practicable following the announcement of the placing to enable shareholders who were not able to take part in the placing to have an opportunity to invest in the company on the same terms. The company intends to use the net proceeds of the open offer (together with the net proceeds of the conditional placing announced on 15 May 2018) to: - continue the implementation of the restructuring programme to improve operational efficiencies; - support the future working capital requirements of the group; and - pay the costs associated with the open offer. The issue price represents a discount of 38.14% to the closing price on 21 May 2018 of 24.25p. The issue price has been set at the same price as it was for the placing. At 9:54am: (LON:ACRL) Accrol Group Hldgs Plc share price was +2.25p at 26.5p Story provided by StockMarketWire.com

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