Residential property developer Engel East Europe has floated with a market capitalisation of approximately £95m.
The placing, which the company said was oversubscribed, comprised a total of 27.8 million new ordinary shares at 108p per ordinary share, or 32% of the issued share capital.
Gross proceeds of the placing are £30m.
Founder and executive chairman Jacob Engel said:
“We are delighted the placing has been so well received and welcome our new shareholders in Engel.
“The placing and flotation on AIM will allow us and our shareholders to take full advantage of the exciting growth ahead for residential property development throughout the Central and Eastern European region.”
Dawnay, Day Corporate Finance Limited is Nominated Adviser to the Company and KBC Peel Hunt Ltd is the broker.
References: EGi News 15/12/05
