Slaughter and May is advising Costain on its firm placing and placing and open offer to raise £100m
Slaughter and May is advising Costain Group PLC ('Costain') on its firm placing and placing and open offer of 166,666,667 new ordinary shares to raise gross proceeds of £100 million (the 'Capital Raising').
The Capital Raising, which was announced on 7 May 2020, received significant support from investors, including a cornerstone investor, ASGC, a leading UAE based construction group, who has committed to invest £25m as part of the firm placing. The Capital Raising will provide Costain with a stronger balance sheet so that it is better placed to benefit from the significant market opportunity in UK infrastructure.
The Capital Raising is conditional on shareholder approval at a general meeting to be held on 29 May 2020.