Helical raises £29m in ten per cent share placement

PROPERTY investor and developer Helical Bar successfully raised £29m in a new share placement yesterday.

The 10.73m shares sold equate to about ten per cent of the company’s total share capital and the sale is designed to help it fund unspecificed UK real estate opportunities.

Helical’s broker JP Morgan Cazenove placed the shares at 270p each in an accelerated bookbuild following an initial announcement in the morning.

The price was a slight discount on yesterday’s trading price of about 275p but above Helical’s 261p first-half net asset value on 30 September.

An analyst who did not wish to be named said it was heartening to see the placement did not dilute NAV. He remained wary because a similar £28m placement last year was largely used to de-gear its balance sheet rather than seek new investment.