AO launches £40m share placing after insurer cuts cover
Pureplay electricals giant AO is aiming to raise £40m through a share placing weeks after its credit insurance for suppliers was cut.
The retailer announced this morning it’s raising the funds immediately through an accelerated book-building process offering investors new shares at 43 pence per share and a separate offering through the PrimaryBid platform in a bid to raise £40m.
The proceeds will go towards strengthening AO’s balance sheet and increase liquidity back to historic levels, and provide “flexibility to capitalise on market opportunities.”
Jefferies and Numis are acting as joint global coordinators, joint bookrunners and joint brokers.
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