Advice to Newbury Racecourse on rights issue
11 February 2010
Burges Salmon has advised Newbury Racecourse, one of Southern England’s leading sporting and hospitality venues, on its fully underwritten Rights Issue to raise gross proceeds of approximately £6.4 million.
This was achieved by the issue of 1,592,167 New Shares (representing approximately 50% of the existing issued share capital and 33.3% of the enlarged issued share capital immediately following completion of the Rights Issue) through a 1 for 2 Rights Issue at 400 pence per New Share.
Burges Salmon's team was led by corporate partner Nick Graves working with fellow partner Richard Owen (real estate), senior associate Dominic Davis (corporate), James Pinney and Richard Adams (corporate).