GCP Infrastructure ups placing target after significant oversubscription

GCP Infrastructure said its placing was “significantly oversubscribed” on Friday, having initially announced plans to raise £50m at a price of 124p per share on 10 July.

The FTSE 250 company said as a result of the oversubscription, as well as the investment opportunities available to it in the near term, it had increased the size of the placing to £70m through the issue of 56,451.613 new ordinary shares, subject to admission.

“Applications will be made in respect of the 56,451,613 new ordinary shares issued pursuant to the placing to be admitted to the premium segment of the official list and to trading on the London Stock Exchange's Main Market for listed securities,” the GCP board said in its statement.

“It is expected that admission will become effective and dealings in the new ordinary shares will commence on 18 July.

“When issued, the new ordinary shares will rank pari passu with the existing ordinary shares.”

Following admission, the company's issued share capital will consist of 790,676,278 ordinary shares of £0.01 each, the board confirmed.

With effect from 18 July, the total number of issued shares with voting rights will be 790,676,278.