Dechra, Chesire vet drug giant, sells £133m of shares

Dechra Pharmaceuticals Plc, the Northwich, Chesire-based veterinary drugs giant, said on Thursday it raised £133.4 million by selling just over five million new shares in the firm.

“A total of 5,132,500 placing shares, representing approximately 5 per cent. of the existing issued share capital of the company, have been placed by Investec Bank plc, the sole bookrunner, at a price of 2600 pence per placing share, raising gross proceeds of £133.4 million for the company.

“The placing price of 2600 pence represents a discount of 5.3 per cent. to the closing middle market share price of 2746 pence on 3 June 2020 …”

On Wednesday, Dechra had said: “The placing is being conducted to allow Dechra to maintain a prudent balance sheet …”

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