Along with interim figures which showed pre-tax profit up 68% to £2.86m, London & Metropolitan, which made its market debut in November, last week announced an offer and placing of shares intended to raise £26.6m.
The new issue will enlarge the company’s capital base in view of its increasing development portfolio. An open offer was made at 275p per share.
Balfour Beatty and London & Edinburgh Trust, who own 41% of the company between them, had undertaken not to apply for their share entitlement — diluting their stake to 16.4% each — and 41% of the new issue was to be placed with institutional shareholders, leaving 59% available for subscription. The new shares represent 25% of the existing issued share capital.
L&M says that since flotation it has taken on 10 more developments. It is part of the Spitalfields Development Group which has been selected to redevelop the London market, which L&M will project-manage.
Up to June 30 pre-tax profit was almost £2.9m (£1.7m) on turnover around £14m (£5.2m). Earnings per share are up to 4.55p (3.94p) and a dividend of 1.5p has been declared.
