Life and pensions company Chesnara Plc (LON:CSN) has been heartily backed by its current shareholders in the recent round of funding.
Chesnara originally made 4.7mln shares available to existing investors in the open offer announced at the end of November, but ended up issuing almost 12.5mln once the excess application facility had been taken into account.
This open offer generated the best part of £40mln on its own – a fairly meaty amount of cash given the company’s £450mln market cap.
Shareholders were given the chance to top up their stakes as part of the recent £70mln fundraise, the proceeds of which will go towards the £136mln acquisition of Legal & General Group PLC’s (LON:LGEN) Dutch life and pensions arm.
The other part of the fundraise, the firm placing, is conditional upon a couple of resolutions being passed at today’s (Tuesday’s) general meeting, Chesnara said.
The Preston-based group expects all of the new shares to be admitted to the stock exchange on Thursday.
Shares opened higher at 345p on Tuesday Morning.