By Joe Hoppe
Taylor Wimpey PLC said Thursday that it has raised 522 million pounds ($655.2 million) in a share placing, subscription and retail offer to pursue additional land-acquisition opportunities.
The U.K. home builder placed a total of 355 million new ordinary shares at a price of 145 pence each, along with a director's subscription of 324,823 ordinary shares and a retail offer of 4.9 million ordinary shares at the placing price. The placing price represents a 4% discount to the mid-market closing price of 151.8 pence as of Wednesday, the last practicable date before the placing was held.
Applications have been made to the Financial Conduct Authority to admit the stocks to the premium listing and to the London Stock Exchange's main market, which are expected to come into effect Monday, Taylor Wimpey said. The placing was handled by Citigroup Global Markets Ltd. and Credit Suisse Securities Europe Ltd., it added.
Each of the directors subscribed for a number of shares, including Chief Executive Pete Redfern who subscribed for 137,931 shares and Group Finance Director Chris Carney, who subscribed for 34,482 shares.
Taylor Wimpey said it had initially intended to raise GBP500 million, and the funds will allow it to pursue additional near-term land acquisition opportunities as land-market value has been disrupted by the pandemic.
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