Heritage has announced the placing, by KBC Peel Hunt, of 16,000,000 ordinary shares of 10p each at a price of 91p per share to raise £14.6m (approximately £13.9m after expenses). The New Ordinary Shares have been placed with certain institutional and other investors including directors.
Reasons for the placing and use of proceeds Heritage has the opportunity to obtain and underwrite an additional £30m of premium capacity in its world wide property unit (Syndicate 1200).
Commenting on the placing, Richard Pexton, the chief executive of Heritage said: “We are delighted by the performance of our business since the August IPO and we now have an exciting opportunity to further expand our business. This fund raising will enable us to take full advantage of current market conditions at a price which is advantageous to existing shareholders and provides new shareholders with the opportunity to share in our growth.”