LONDON - WH Smith PLC (LON:SMWH) announced today a conditional retail offer of new ordinary shares through RetailBook, according to a press release statement.
The retail offer is part of a broader capital raise that includes a placing to institutional investors and a subscription by certain directors and management members. The issue price for the new ordinary shares will be determined at the close of the bookbuilding process today.
The retail offer is available to both existing shareholders and new investors resident in the United Kingdom through RetailBook’s partner network of retail brokers, wealth managers and investment platforms. Applications can be made from ISAs, SIPPs or general investment accounts, with a minimum subscription of £250 per investor. RetailBook will not charge commission on applications.
The company stated the capital raise will strengthen its balance sheet, enable continued execution of its growth and transformation agenda, provide greater confidence around its leverage position, and reduce reliance on debt funding.
The retail offer is conditional on admission of the new ordinary shares to trading on the main market of the London Stock Exchange, expected to occur at 8:00 a.m. on Friday. The retail offer will not be completed without the placing also being completed.
The new ordinary shares will rank equally with existing ordinary shares, including the right to receive all dividends and distributions declared after their issue date.
The company reserves the right to scale back any order under the retail offer at its discretion and to reject any application without giving reason. The retail offer will remain open alongside a live share price, and the market price may be less than the issue price.
WH Smith separately announced a trading update today.
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