William Hill meets £224m funding target

The bookmaker issued new shares to fund expansion.

06/17/20

William Hill Plc has met its target to raise £224million through a share placement aimed at funding future growth.

UK.- William Hill Plc has raised £224million in working capital to fund continued digital growth and US expansion.

The company met its target 24 hours after announcing it had sanctioned a new share placement for 19.99 per cent of its existing share capital.

It has confirmed that 175,000,000 new ordinary shares will be issued at 128p per share. The majority (96 per cent) of the new shares will go to institutional investors through Barclays and Citigroup.

Retail investors will take 5,600,000 shares through FTSE 250’s LSE PrimaryBid platform, while senior William Hill executives including chairman Roger Devlin and group CEO Ulrik Bengtsson together secured 160,000 new shares.

William Hill said the transaction had also received a strong take-up from existing shareholders

Following the new share subscription, William Hill’s total company shares will now be held at 1,075,000,000, with 1,049,000,000 held by voting shareholders.

William Hill saw revenue fall by 57 per cent during the Covid-19 lockdown.

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