Amlin plc has announced it plans to raise £80m via a placing and open offer at 81p per share.
The company said the proceeds will enable it to increase its ownership of Syndicate 2001 to 100% from its current 72.3% holding, and support its underwriting on Syndicate 2001.
The open offer is on the basis of 13 shares for every 67 existing Amlin shares.
The 81p per share placing represents a 9.5% discount compared to yesterday's closing middle market price of 89.5p per Amlin share, the last business day before the announcement of the placing and open offer.
The company's largest shareholder, State Farm Mutual Automobile Insurance Co, which holds around 13.3% of the company, has irrevocably undertaken to take up almost 7m of the 52m firm placing shares and its full entitlement to open offer shares.
