raises £172m in recent share providing | News

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Dart Group has raised around £172 million through a share sale in order to boost liquidity in the face of the Covid-19 slowdown in travel.

About 29.8 million shares were placed at a price of 576.5 pence per share.

The group – the listed company behind – has also recently received confirmation that it is eligible for up to £300 million of funding under the Covid Corporate Financing Facility from the British government.

Philip Meeson, executive chairman of Dart Group, said: “The board believes that the proceeds of the placing, together with the recently confirmed Bank of England £300 million Covid Corporate Financing Facility (currently undrawn) and the group’s fully drawn revolving credit facility of £100 million, will provide the group with additional headroom to deal with this most challenging of trading environments.

“The board remains of the belief that once able to do so, our customers will be determined to enjoy the wonderful experience of a well-deserved Jet2 holiday and that and Jet2holidays will continue to have a thriving future, taking millions of UK holidaymakers annually to the Mediterranean, the Canary Islands and to European leisure cities.”

Canaccord Genuity acted as joint global co-ordinator, joint bookrunner and joint broker, and Barclays and HSBC acted as joint global co-ordinators and joint bookrunners.

Dart Group expects to report revenue of £3.75 billion for the year ending March 2020, up 19 per cent on the prior year.

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