Squire Patton Boggs has advised Polypipe Group plc, a leading provider of sustainable water and climate management solutions for the built environment, on a cash box placing to raise total gross proceeds of approximately £120 million through placing of new ordinary shares in the company.
A capital markets team led by Corporate partners Andrew Glaze and James McKay, director Louise Barber and senior associate Hannah Crosland acted for Polypipe Group.
The placing was conducted through an accelerated book build process, which took advantage of the UK Pre-Emption Group’s revised guidance issued on 1 April 2020 in relation to cash box placings, where it recommended that shareholders consider supporting issuances by companies of up to 20% of existing share capital through a “cash box” structure. The change in the guidelines applies until 30 September 2020 due to the unprecedented market conditions many companies are facing.
The proceeds of the cash box placing will enhance the operating strength of the Polypipe Group and enable continued organic investment in exciting new products and systems.
Founded in 1980, Polypipe is one of Europe's largest manufacturers of piping systems, water and climate management systems. The company has been listed on the London Stock Exchange since 2014. Admission to trading of the placing shares on the London Stock Exchange’s main market is expected to be effective on 13 May 2020.