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Vertu Motors PLC Announces Acquisition and Placing


Tuesday, 21 May 2013 02:00am EDT 

Vertu Motors PLC announced that it has entered into a conditional agreement to acquire the entire issued share capital of Farnell for a total cash consideration of approximately GBP31 million. Farnell's business comprises three Land Rover dealerships and one multi-franchise premium used vehicle outlet in West Yorkshire. The Board announced a fully underwritten Placing of 131,578,948 new ordinary shares in Vertu to raise approximately GBP50 million before expenses. The Placing proceeds will be used to fund the Acquisition, to fund selected future acquisitions and for general corporate purposes. The Placing Shares represent approximately 39.7% of the Company's enlarged share capital following Admission. 

Company Quote

55.75
-0.25 -0.45%
5:49am EDT