Informa expects £1bn from oversubscribed share offer

Taylor & Francis owner Informa says it expects to raise £1bn through its emergency share offer, adding that its placement yesterday (16th April) was oversubscribed within two hours.

The group made the share offer, representing around 19.9% of its capital, after warning its events business has been badly hit by the coronavirus pandemic, forcing it to axe events worth around £450m.

Informa said its board and management team had participated in the offer and there had been “strong support it has received from existing shareholders and others”.

The group is now negotiating with shareholders to determine the final price, aiming for 400p per share.

Stephen Carter, Informa's group chief executive, said yesterday: "since the beginning of 2020, the impact of the Covid-19 pandemic has become progressively deeper and more far-reaching than initially predicted. We have continued to adapt and respond quickly, always prioritising the safety of colleagues and customers, making decisions for the long-term value of our brands and businesses and seeking to preserve jobs and invest in our intellectual property."