The issue will be made to qualifying investors through the company's corporate broker, Numis Securities Limited.
The net proceeds of the issue will be used to reduce the drawn element of the company's debt facility, which, after the recent investments (Batch 4 - Priority School Building Programme (Midlands), Batch 1 - Priority School Building Programme (Hertfordshire, Luton and Reading) and Thames Tideway Tunnel project) is drawn at approximately £82 million
In addition, the company has a strong pipeline of short and medium term opportunities which includes:
The bookbuild to raise the money is expected to close on 7 September 2015 but may be closed earlier or later at the discretion of the company and Numis. Numis may, in agreement with the company, accept bids that are received after the bookbuild has closed.