By Ian Walker
Midwich Group said Thursday that it has now issued 11.8 million new ordinary shares at 425 pence under the share placing first announced late Wednesday.
The U.K.-based audiovisual distributor said late Wednesday that it was planning to raise the money via a share placing which would be conducted via a bookbuild program. The issue price is a 5.6% discount to Wednesday’s closing price of 450 pence.
Midwich announced the placing alongside the acquisition of Canadian audiovisual distributor SF Marketing for up to GBP26.7 million.
The money raised will be used to fund the acquisition, repay debt as well as providing funding for future acquisitions, Midwich said. The company has six opportunities that fit within its stated growth strategy and are currently in due diligence, it added.
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