Vertu Motors said it had raised £26.2 million by placing approximately 34.9 million shares at 75 pence per share. The cash will be used to fund its acquisition of Bristol Street Group ('BSG'), the 13th largest motor dealer group in the UK. Vertu Motors agreed to buy BSG for £31 million in cash and £9 million in shares.
Shares in Vertu had been suspended as the deal constitutes a reverse-takeover. The shares pulled back 15% to 86.5p this morning due to the large discount of the placing price compared to the share price pre-suspension.
Vertu Motors will now hold an EGM on the 26th March to attain shareholder approval for the fundraising.