Poundland’s share sale to fund purchase of 99p Stores

POUNDLAND yesterday placed £50m worth of new shares to fund its purchase of 99p Stores.

The shares, which represent approximately 7.1 per cent of the company’s existing share capital prior to placing, were placed with institutional investors at 280p, which will be worth 275p to the company after expenses.

JP Morgan Cazenove acted as sole bookrunner on the deal, with Shore Capital as co-lead manager. The shares were sold in just under seven hours.

Read the full article on the CityA.M website.