NewRiver REIT (GB:NRR) has released an update.
NewRiver REIT plc has announced a proposed issuance of up to 62,737,200 new ordinary shares in a bid to partially fund its intended acquisition of Capital & Regional plc, a move that is expected to involve a cash consideration of approximately £73.4 million. The placement of new shares will be conducted through an accelerated bookbuild to institutional and certain other investors, while existing UK retail shareholders will have the opportunity to participate through a separate Retail Offer. If the acquisition does not proceed, NewRiver has plans to return the proceeds to shareholders or reinvest them within the company.
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