London & Stamford Property to place 215 million new shares

Guernsey-based investment house, London & Stamford Property (LSP), will place 215 million new shares in order to raise £225.8m, it announced today.

The placing is being carried out to better capitalise the company so it can take advantage of attractive values in the UK property market. Of the 215 million shares, 142.5 million are open offer shares which will be made available to qualifying shareholders as of 30 July. The other shares have been conditionally placed with institutional investors by broker KBC Peel, which is underwriting the deal. Raymond Mould, the non-executive chairman of LSP, says: “This fundraising, which has been heavily oversubscribed, is essential to maintain London & Stamford’s acquisition capability, ena...