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Prices & Quotes - UK Markets - IWG (IWG)

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Share Price:
Down 313.60p
Change Today:
-5.20p
Market Cap:
3,159.11m

IWG raises 320m for post-Covid expansion

By Sean Farrell

Date: Thursday 28 May 2020

LONDON (ShareCast) - (Sharecast News) - IWG has raised 320m by selling shares to investors to give the company funds for expansion following the Covid-19 crisis.
The flexible workspace company said it sold 133,891,213 new ordinary shares through a placing and retail offer. It sold the shares for 8,1% below the closing price of 260.2p on 27 May.

The new shares represent about 15.4% of the company's share capital before the sale. Mark Dixon, IWG's chief executive, spent 91.3m to buy 28.53% of the shares - in line with his holding in the company.

The company's shares rose 15.3% to 300p at 10:51 BST.

IWG announced the placing and retail offer after the market closed on Wednesday. It said it would use the money to expand its business to meet increased demand prompted by the Covid-19 crisis, including flexibility, cost savings and the need for social distancing. Opportunities include buying weak competitors, it said.



In a trading update the company, formerly called Regus, said occupancy had held up well in April but revenue was affected by lower new sales and less ancillary business. It has made cash savings from operations or about 150m through measures such as withdrawing the final dividend, cutting board pay, furloughing employees and reducing spending and new openings.

"The recovery of the group's revenues performance in the third and fourth quarters will be largely determined by the extent to which lockdown measures are progressively lifted across markets in which the group operates," IWG said.

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IWG Market Data

Currency UK Pounds
Price 313.60p
Change Today -5.20p
52 Week High 383.60p
52 Week Low 222.60p
Volume 1,222,596
Shares Issued 1,007.37m
Market Cap 3,159.11m

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What The Brokers Say

Strong Buy 5
Buy 1
Neutral 4
Sell 0
Strong Sell 0
Total 10
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

IWG Dividends

  Latest Previous
  Interim Final
Ex-Div 05-Sep-19 25-Apr-19
Paid 04-Oct-19 24-May-19
Amount 2.15p 4.35p

Trades for 30-Jul-2021

Time Volume / Share Price
16:35 609,857 @ 313.60p
16:29 323 @ 315.50p
16:29 182 @ 315.50p
16:29 129 @ 315.50p
16:29 425 @ 315.50p

IWG Key Personnel

Chair Douglas Sutherland
CEO Mark Dixon
CFO Glyn Hughes