Applegreen finalises placement of 8m new shares

Petrol forecourt retailer Applegreen announced on Friday that it had successfully completed the placement of 8m new ordinary shares in the company.

Applegreen said the shares had been placed by Goodbody Shore and Capital at a price of €5.80 each, raising the company a total gross amount of €46.9m from the 8,082,105 shares, which amounted to approximately 10% of the company's issued share capital prior to the placing.

The firm said it expected the shares' admission to AIM to take place before the commencement of trading on 5 October.

Applegreen chief executive, Bob Etchingham said, "We are delighted to complete the Placing and are very pleased with the very strong support we received from new and existing shareholders. The funds raised will ensure Applegreen is well positioned to continue to invest in opportunities for growth across our three markets."

As of 0900 BST, shares had dropped of 2.58% to sit at 528.00p.