Burges Salmon has advised WH Ireland Limited and Shore Capital Stockbrokers Limited in their capacity as joint brokers to the London and Midlands focused housebuilder Mar City Plc, an AIM quoted company, on its placing to raise approximately £35 million by way of a placing of 437,500,000 new ordinary shares at 8 pence per share. This is conditional on shareholder approval at a general meeting to be held on 16 December 2013 and its associated £30.8 million acquisition of land.
The placing is on a non pre-emptive basis to existing and new institutional investors, and admission is proposed to occur on 17 December 2013.
Commenting on the placing, Mike Coe, Director of Corporate Finance at WH Ireland, said: “The WH Ireland team is delighted to have helped Mar City Plc realise its ambition of creating a major UK housebuilder with a focus on the Midlands and South East England.”
Burges Salmon corporate partner Dominic Davis and associate Mark Cook advised WH Ireland and Shore Capital on the fundraising.