John Menzies: results of oversubscribed £22million fundraise

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John Menzies, the global aviation services business, has enjoyed the successful completion of a placing of new ordinary shares of £0.25 each in the capital of the company (the announced yesterday (May 11 2021) and a subscription for new ordinary shares of £0.25 each in the capital of the company by certain directors of the company and/or persons closely associated with such directors as well as the concurrent offer made by the Company for retail investors to subscribe for new ordinary shares of £0.25 each in the capital of the Company via the PrimaryBid platform.

The offers have raised, in aggregate, gross proceeds of approximately £22 million for the company.

A total of 5,410,349 placing shares have been placed by Peel Hunt  and Joh. Berenberg, Gossler & Co. KG  at a price of 290 pence per share, raising gross proceeds of £15.7 million for the company. The placing price represents a discount of 6.6%. to the closing mid-market price on 11 May 2021 being the latest practicable time prior to the announcement of the placing. In addition, certain directors of the Company and/or persons closely associated with such directors as well as certain senior managers have subscribed for 1,831,030 subscription shares at the placing price.

Philipp Joeinig, Chairman and CEO said: “I would like to thank our shareholders for their continuing support. I am very pleased that the fundraise was over-subscribed demonstrating confidence in our strategy and our robust performance. I look forward to working with my teams on delivering our growth strategy as we continue to the drive the business forward.”