Cox has announced that 148,732,282 shares - representing nearly 90% of the new ordinary shares available under the placing and open offer - have been applied for by qualifying shareholders.
On 26 April the had company announced details of a cash placing and open offer of 177,775,027 new ordinary shares at a price of 41p.
The Trustees of the Cox ESOP and QUEST did not take up their entitlements to 8,262,664 new ordinary shares so these shares were placed firm with institutional and other investors.
As a result, institutional and other investors under the placing will receive the 8,262,664 new ordinary shares placed firm, plus the remaining 16,749,916 new ordinary shares not taken up by existing shareholders under the open offer.
Cox's board also announced today that at yesterday's extraordinary general meeting all resolutions were passed, including those authorising the placing and open offer and share capital reorganisation.
Chairman Peter Owen said: "The company is delighted by the high level of take-up by existing shareholders and the support demonstrated for the business' revised strategy."
