Coronavirus impact: 21 May - another big equity raise on AIM
While Dart Group secured a material cash injection, there was a mixed bag of results and updates from the AIM and the Main Market. While some companies appear to have done well in the short term we fear for their long term future as the new normal unfolds.
Dart: shares soar on fund raiseShares in Dart Group (LON:DTG), the leisure travel and logistics group which operates the Jet2 airline, soared following news of a successful fund raise. The group raised £172m at 576.5p per share, being yesterday’s closing price, with the new shares representing 20% of the issued equity beforehand. Having budgeted several scenarios, including one where flying operations only re-start on 1 April 2021, management believes that the proceeds of the equity raise, together with £300m drawn on the Bank of England Corporate Financing Facility and the Group's fully drawn facility of £100m, will see them through…