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Financials

UPDATE 1-Britain's IWG plans to raise $386 mln via share offering

(Adds details on placing, financial performance)

May 27 (Reuters) - IWG Plc intends to raise about 315 million pounds ($386 million) through the issue of new shares, the British office space provider said, as it looks to benefit from future demand for flexible workspace amid the coronavirus crisis.

“The current environment is presenting an increased number of attractive organic and inorganic opportunities to accelerate the growth and development of the business,” the company said on Wednesday.

IWG, whose rivals include U.S.-based WeWork, also said its overall performance was impacted by reduced revenue from “ancillary” services it provided during the pandemic.

The company, best known for its Regus brand, expects the impact of the outbreak to be greater in the second quarter due to lower new sales activity in March and April.

IWG also said Chief Executive Officer Mark Dixon will buy placing shares in an amount proportional to his 28.5% stake in the company. ($1 = 0.8171 pounds) (Reporting by Samantha Machado in Bengaluru; Editing by Aditya Soni and Maju Samuel)

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