JOHN Menzies has successfully completed a share placement to fund its acquisition of Florida-based airline services company ASIG.
The £75 million rights issue was priced at 343p per share, with existing shareholders able to purchase five new shares for every 14 existing shares.
A total of 93 per cent of the allocation was sold, with joint book-runners Numis Securities and Capital Stockbrokers securing subscribers for the balance at a rump price of 475p.
Nine company directors subscribed to the rights issue, including recently appointed chairman Dermot Smurfit, who acquired 405,000 nil paid rights on Tuesday at 150 pence each, with an exercise price of 343p, giving a total of 493p. Shares closed at 492p.
John Menzies said its acquisition of ASIG is still awaiting regulatory approval.
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