Last week, in a rare instance of primary capital markets activity in the UK-listed property sector, Roadside Real Estate (ROAD) raised gross proceeds of £20.8mn via an equity placing and subscription.
At 60p a share, the sale was struck at a 14.3 per cent discount to the market price. Almost a quarter of the new issue was met by chief executive Charles Dickson, whose combined interests now stand at 28.7 per cent (just below the mandatory offer threshold, and down from 29.8 per cent previously).
Institutional investors – including Dowgate, Pentwater Capital and other active funds – joined in, too.