Source - Alliance News

SigmaRoc PLC on Wednesday said it raised funds, hours after CRH PLC announced it agreed to sell lime operations in Europe to SigmaRoc in deal worth €1 billion.

SigmaRoc PLC is a London-based buy-and-build group targeting construction materials assets, while CRH is a Dublin-based building materials company.

To partly fund the deal, SigmaRoc said it raised £200 million via issuing 418.5 million new shares at a price of 47.5 pence per share, and through a REX intermediaries offer of 2.6 million new shares, also at 47.5p per share.

The acquisition constitutes a reverse takeover due to its size.

Sigmaroc shares have been suspended, last traded at 50.20p per share, but are expected to trade again on Thursday, when the admission document is published. CRH shares closed 1.3% higher at 4,935.81 pence each on Wednesday in London.

SigmaRoc will pay €745 million for the ‘deal one targets’, which include assets in Germany, Czech Republic and Ireland.

A general meeting to approve the acquisition will be held on December 11, with the company expecting an admission of shares to occur on January 4.

SigmaRoc Chief Executive Officer Max Vermorken said: ‘I am delighted to see many of our existing shareholders continuing to offer their support for SigmaRoc and our buy-and-build strategy. We are encouraged by the quality of our new shareholders which we are pleased to see provides confidence in our plans for the future. This acquisition of lime operations from CRH plc enables SigmaRoc to expand its footprint in the European lime market significantly and it also creates further opportunities that we look forward to exploring.’

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