LONDON (dpa-AFX) - National Express announced a proposed placing of up to 19.99% of the company's existing issued share capital.
The company plans to conduct a non-pre-emptive placing of new ordinary shares of 5 pence each in the capital of the Company at the Placing Price. In conjunction with the Placing, certain members of the Board and Executive Management Team intend to subscribe for new ordinary shares in the capital of the Company at the Placing Price and intend to contribute about 1.0 million pounds.
Together, the total number of Placing Shares and Subscription Shares will not exceed 102.35 million Ordinary Shares.
The Group said it has made significant progress to secure additional liquidity with about 1.3 billion pounds in cash or undrawn committed facilities.
The Group also announced the pre-emptive gearing covenant waiver on its USPP and banking facilities through 2020.
Overall revenue for the first three months of 2020 was up 8.9% year-on-year in constant currency or 9.4% on a reported basis, the Group has acted swiftly and decisively to protect the business.
The net proceeds from the Placing will assist the Group in emerging from the current crisis with the financial flexibility to take advantage of these opportunities.
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