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THG raises £90m, founder Matthew Moulding contributes £60m
(Sharecast News) - THG said on Tuesday that it has raised £90m in a share placing and refinancing, which includes a £60m contribution from founder and chief executive Matthew Moulding, as it looks to support its "strategic growth targets". The company raised £30m in a placing of shares at 32.3p, which is a 5% discount to the closing share price on Monday. THG said the placing was oversubscribed, with support from new investors and existing shareholders.
Matthew Moulding entered into a £55m convertible loan and agreed £5m of partly paid shares.
"Following on from the Ingenuity demerger and FTSE 250 inclusion, the equity placing and collective refinancing represents another significant step in THG's simplified debt and equity investment case as a cash generative global retailer and brand owner, well positioned to deliver on its next phase of development in its growing consumer markets," the company said.
At 1105 GMT, the shares were up 4.2% at 35.44p.
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