Travers Smith LLP has acted for Investec Bank plc in its capacity as sole broker and nominated adviser on the £38 million placing of new ordinary shares issued by easyHotel plc.
The new shares represent approximately 60.8 per cent. of the ordinary shares currently in issue, issued at a premium of approximately 18.3 per cent. to the closing mid-market price on 27 September 2016.
The proceeds of the placing are to be primarily utilised to fund the company's owned hotel roll-out strategy.
The placing is conditional on, inter alia, the passing of resolutions which are to be proposed at a general meeting of the company on 14 October 2016 and admission of the new shares to trading taking place by no later than 17 October 2016.
Corporate partner Richard Spedding led the Travers Smith team.