Watkin Jones plc LON:WJG, a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector, has told DirectorsTalk about the commencement at 08.00 a.m. today of dealings in its Ordinary Shares on AIM, a market operated by the London Stock Exchange plc. Zeus Capital acted as nominated adviser, joint bookrunner and joint broker to the Company with Peel Hunt as joint bookrunner and joint broker. The Company’s ticker is WJG.
The Company, together with Zeus Capital and Peel Hunt, successfully raised £131.3 million (before expenses) by placing 131.3 million existing and new ordinary shares with investors at a placing price of 100 pence per share (the “Placing”). Watkin Jones’ market capitalisation on admission, based on the placing price, is £255 million. The admission to AIM will provide a platform for the Company and its subsidiaries to execute its growth plans; raise the profile and enhance the reputation of the Group; incentivise the management team and wider employee base; and allow incumbent shareholders to realise a proportion of value held whilst retaining significant shareholdings to benefit from future upside.
Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, said: “The strong reception that the Company has received from investors has been very encouraging and we are delighted with the success of our admission to AIM, which is a significant milestone in the evolution of our business. The Board joins me in welcoming all of our new shareholders.
“We now look forward to implementing our strategy and leveraging our position as a leader in the UK student accommodation development market as well as expanding our business further into the private rented sector.”
The Company intends to announce a pre close trading statement for the six month period ending 31 March 2016 on 7 April 2016.
