SigmaRoc raises £30m to part-fund possible acquisitions

Quarried materials group SigmaRoc announced the raising of £30m through a placing and retail offer on Thursday, to part-fund a number of possible acquisitions.

The AIM-traded company placed 55,555,555 new shares at a price of 54p each, representing a premium of 1.8% to the mid-market closing price of 53p on 22 February.

Its management team actively participated in the structuring and allocation of the fundraising, ensuring that the principles of pre-emption were respected as much as possible through the allocation process in both the placing and the retail offer.

The firm said it received strong support from many of its largest shareholders prior to the fundraising.

SigmaRoc said the proceeds of the fundraising would be used to part-fund 10 potential near-term strategic acquisition opportunities, and four organic growth and carbon footprint reduction projects.

Should all of those projects be completed, they were expected to generate around £42m of net revenue, £10m of EBITDA and profit after tax of £6m on an annualised basis.

“I am pleased to see many of our existing shareholders continuing to support SigmaRoc and our buy-and-build strategy,” said chief executive officer Max Vermorken.

“The strong level of demand from new and existing investors underpins confidence in our plans for the future.

“We have identified a strong pipeline of acquisitions as well as organic growth opportunities that this funding will help us to deliver and we look forward to updating our shareholders on our progress in due course.”

At 1519 GMT, shares in SigmaRoc were up 7.92% at 57.2p.

Reporting by Josh White for Sharecast.com.