McColl's sells 60% of open offer shares to raise £3m

The company announced the open offer in mid-August as part of a share sale to raise up to £35m. It received applications for £30m in a firm placing of shares at 20p each and launched a £5m open offer for existing shareholders.

The convenience store group raised the money to fund an expansion of its partnership with Morrisons and strengthen its finances. McColl's shares lost a quarter of their value on the day of the announcement as it warned annual results could fall short of expectations.

Shareholders took up 37% of the open offer shares available and some bought more under an excess application facility, representing a lukewarm total of 60% of the shares available.

"Qualifying shareholders who have validly applied for open offer shares will receive their full open offer entitlement," McColl's said. "Applications under the excess application facility will be satisfied in full and in accordance with the terms set out in the prospectus."

McColl's said the capital raising required approval by shareholders at a meeting on 1 September. The company's shares fell 2.9% to 20.24p at 10:59 BST - the shares' lowest price since November 2020.