FINANCE: Terrace Hill, which yesterday announced a reverse takeover by Urban&Civic, has raised £170m through a share placing.
The group said the placing of 75,555,556 shares at 225p each was substantially oversubscribed.
Subject to a general meeting resolution vote passing, an application will be made for the shares of the enlarged company – which will be called Urban&Civic – to trade on the main market of the London Stock Exchange.
This is expected to take place on 22 May 2014.
Nigel Hugill, executive chairman of Urban&Civic, said: “I would like to thank all those that applied for stock and contributed to our being substantially oversubscribed.
“We took the decision early to raise only what we thought we could invest quickly and resisted the temptation to increase the size of the issue when it became clear that we would enjoy strong support.
“People evidently have long memories and we will start with a gratifying spread of predominantly sector-specialist investors. We shall do everything that we can to deliver on the resulting expectations.”
bridget.oconnell@estatesgazette.com
