IN BRIEF: Coats Group completes fundraise 'with strong support'

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Coats Group PLC - London-based manufacturer of materials for footwear and apparel - Announces its completion of the capital raise announced on Wednesday. Raises gross proceeds of approximately £246 million, ‘with strong support from existing shareholders’. Says 314.8 million new shares were placed with institutional investors at 77.0 pence each. Also, retail investors have subscribed for 3.9 million new shares, and ‘certain directors and management’ for 902,595 shares between them, at the same price. Placing price represents an approximate 6.2% discount to Coats’ closing price of 82.1p on Wednesday.

Coats says it will use the proceeds to partially fund its acquisition, plus associated costs, of OrthoLite Holdings LLC. The company announced on Wednesday, alongside its half-year results, that it had signed a definitive agreement to buy the insole manufacturer for an initial enterprise value of $770 million. It expects to complete this deal in the fourth quarter.

Current stock price: 72.60 pence, down 12% in London on Thursday afternoon

12-month change: down 18%

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