William Hill Plc has achieved its bookbuild funding target, raising £224 million in working capital for its future growth strategy, maintaining its digital growth momentum, and accelerating its US wagering partnerships.
Closing trading on Tuesday 17 June, William Hill announced that it had sanctioned a new share placement for 19.99% of the firm’s existing share capital.
In less than 24-hours, William Hill has executed its share placement by confirming that 175,000,000 new ordinary shares in the company will be issued at 128p per share.
The majority of the transaction has been placed by joint-bookrunners Barclays and Citigroup, who secured 169,000,000 (96%) of new shares for institutional investors. William Hill has, therefore, completed its transaction before the deadline of Friday 18 June.
The FTSE250 betting group also placed 5,600,000 new shares to retail investors through the LSE PrimaryBid platform.
As communicated in its trading update, senior executives led by Chairman Roger Devlin and Group CEO Ulrik Bengtsson participated in the transaction by securing a combined tranche of 160,000 of new shares.
In the statement, William Hill also detailed that the transaction had a strong take-up from existing shareholders.
Following its new share subscription, William Hill disclosed that the total company shares will be held at 1,075,000,000 of which 1,049,000,000 are attributed to voting shareholders.