Portmeirion increases equity raise to PS19 million amid strong demand

Portmeirion Group PLC on Thursday launched a retail share offer worth up to £2 million, after completing a share placing with institutional investors that was increased to £17 million from £15 million due to strong demand.

Portmeirion is a Stoke-on-Trent, England-based ceramics maker and retailer of homeware brands.

It has a market capitalisation of just £7.7 million based on its current equity, after the stock fell 41% on Thursday morning to 55.00 pence, near to the 50p placing price.

In the institutional offer, announced after the London market close on Wednesday, Shore Capital Stockbrokers Ltd placed 34.0 million new Portmeirion shares at 50p.

Of these, a third, or 11.0 million, were bought by 15.9% shareholder AB Traction. Another 2.0 million shares were taken by 13.0% shareholder Peter Gyllenhammar AB. Company directors bought a further 500,000.

The retail share offer, also coordinated by Shore Capital, aims to raise an additional £2 million at the same price.

On Wednesday, Portmeirion said proceeds will be used to strengthen its balance sheet, invest in its US sales via Amazon, which have recently been brought in-house, and for a pipeline of small bolt-on acquisition opportunities.

Based on just a £15 million total equity raise, Portmeirion on Wednesday said it expected net debt to be reduced to a low-single-digit to mid-single-digit million-pound figure by year-end.

Portmeirion also said it is pursuing a number of actions and opportunities to enable it to deliver on its near-term target of achieving a net cash position as soon as possible.

Portmeirion on Thursday called a general meeting for June 23 to approve the fundraising. Assuming approval, the new shares will start trading in London on June 24.

‘We are delighted to see the placing has been significantly oversubscribed and we are grateful to all participating shareholders for their support, from Sweden and Great Britain, existing and new,’ said Chair Peter Tracey.

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