Stobart Group issues bond to raise £25m
Published at 07:46, Wednesday, 14 November 2012
Stobart Group has launched a retail bond which will give investors a 5.5 per cent fixed-rate return over six years.
The company wants to raise £25million to fund its further expansion and diversification..
Stobart's chief financial officer Ben Whawell, said: "We enter the market on the back of significant expansion of the group, with developments in our air, biomass and estates divisions now delivering results and bringing benefits across the business."
Stobart bonds will be listed on the Order Book for Retail Bonds (ORB) on the London Stock Exchange and can be bought and sold in multiples of £100 face value. The initial offer comes with a minimum investment of £2,000.
The bonds will pay a fixed-rate of interest at 5.5 per cent each year for the life of the bonds, paid in half-yearly instalments.
The offer is expected to remain open until November 27.
The issue is being managed by Canaccord Genuity, and the bonds can be bought and sold by investors through stockbrokers or wealth managers.
Published by http://www.in-cumbria.com
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