Speyhawk has gone to its shareholders for £26.3m net of expenses by way of a rights issue of just over 7m new shares on the basis of two new ordinary shares for every five ordinary shares already held, and 12.9 new ordinary shares for every 100 convertible preference held, in each case at 385p a share.
This enlargement of the capital base of Speyhawk will allow the directors to retain a larger equity interest in the developments it is undertaking and will permit the group to finance larger projects from its own resources.
The group has also bought in the minority interest in Mount Row Properties, the company set up by Christopher Kennedy and Robert Maxted. The outstanding 24.99% of Mount Row’s equity has been bought for some £1.6m by way of the issue of 375,000 shares at 426p.
