London Stock Exchange welcomes Watkin Jones plc
The London Stock Exchange today welcomed Watkin Jones, a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector, to London’s junior AIM market.
Watkin Jones has successfully raised £131.3 million (before expenses) by placing 131.3 million existing and new ordinary shares with investors at a placing price of 100 pence per share (the “Placing”). Watkin Jones’ market capitalisation on admission, based on the placing price, is approximately £255 million.
Admission to AIM provides a platform for Watkin Jones to execute its growth plans, primarily using a forward sale model to minimise risk to take advantage of attractive market dynamics particularly in the purpose built student accommodation (“PBSA”) market. It also supports Watkin Jones’ planned growth into the private rented sector (“PRS”) to increase both revenues and profitability on a sustainable basis.
Zeus Capital acted as Nominated Adviser, Joint Bookrunner and Joint Broker to the Company with Peel Hunt as Joint Bookrunner and Joint Broker. The Company’s ticker is WJG.
Mark Watkin Jones, Chief Executive Officer of Watkin Jones commented: "The strong reception that the Company has received from investors has been very encouraging and we are delighted with the success of our admission to AIM, which is a significant milestone in the evolution of our business. The Board joins me in welcoming all of our new shareholders. We now look forward to implementing our strategy and leveraging our position as a leader in the UK student accommodation development market as well as expanding our business further into the private rented sector.”
More information on Watkin Jones can be viewed at www.watkinjonesplc.com.