12 February 2021 - placing

The company has revealed that the placing announced after the market close last night has been successfully concluded, with the airline group raising gross proceeds of £422m at a price of 1180p.  This is a discount of only 9.1% to last night's closing price of 1298p.  The fund raising was significantly oversubscribed.  The new shares being issued represent 20% of the shares in issue prior to the fundraise and so this is a significant increase in the equity of the company.  The proceeds should allow the company to navigate (no pun intended!) its way . . .

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