Member Article

Saga raises £239m in ‘larger-than-expected’ share placing

Saga’s majority investor said it has sold of a ‘larger-than-expected’ stake in the company, raising a total of £239m.

Acromas Bid Co Limited announced that it has placed an aggregate of 122.5 million ordinary shares, representing approximately 11 per cent share in the Folkstone-based company.

At a price of 195 pence per share, the company has raised aggregate gross proceeds of £239 million.

Following settlement of the placing, which is expected to take place on 15 May 2015, Acromas will hold an approximately 51 per cent share in the over-50s insurance firm.

On Tuesday, Acromas had said it would sell a minimum of 77 million shares in the company in a secondary placing. Saga shares closed at 198.87 pence on Tuesday.

The share sale was run by Bank of America Merrill Lynch.

This was posted in Bdaily's Members' News section by Ellen Forster .