On the Beach completes Covid-19 recap

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By Aidan Gregory
22 May 2020

Shares in On the Beach Group, the UK online retailer of beach holidays, traded as much as 10% higher on Friday morning after the company said it had raised £67m from investors to keep itself afloat following a dramatic fall in the volume of bookings during the Covid-19 global pandemic.

The placing was launched after the market close on Thursday evening, with a size of 24.14m shares, a 19.9% capital increase – the maximum allowed under current regulations without having to launch a fully marketed rights issue with shareholder approval.

Numis Securities and Peel Hunt were bookrunners. ...

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