Having this week confirmed its acquisition of Raleigh, leading European bike business Accell Group NV has successfully raised €31.3 million through an equity offering. The ‘accelerated bookbuild offering’ of 2,000,000 new ordinary shares has been placed at a price of €15.65 per share.
The net proceeds of the offering will be used to partly finance the acquisition of Raleigh Cycle Limited. Allocation of the shares took place on 26 April 2012. Settlement of the shares is made subject to a number of customary conditions including, amongst others, absence of any material adverse change, no breach of warranties and the shares being admitted to a listing and trading on Euronext Amsterdam by NYSE Euronext.
Settlement of the share offering is expected to take place on 2 May 2012. After settlement, the total number of outstanding shares of Accell Group will consist of 23,117,728 shares.
Rabobank International acted as Sole Global Coordinator and Bookrunner and Listing Agent in the offering.
AGM approves dividend
During the Annual General Meeting of Accell Group, shareholders also approved the company’s dividend proposal. Shareholders have the option to receive a dividend of €0.92 per outstanding ordinary share in either cash or shares.
Based on the new €31.3 million equity offering, the number of dividend rights for shareholders under the new shares in the company will be determined on 21 May 2012. This will be based on the average share price during the period from 3 May 2012 up to and including 18 May 2012.
According to Accell Group, the value of a stock dividend should be raised by approximately 2% to 4% above that of the corresponding cash dividend. The cash or shares dividend will be payable on 23 May 2012.
