British holiday company Jet2 has raised £422 million through a new share issue to help it ride out the COVID-19 pandemic.
Jet2 said that its latest fundrasing gives it sufficient liquidity to contend with what it expects to be an extended and unpredictable shutdown, adding that it is maintaining a cautious approach to the 2021 summer season.
"This [capital] raise shouldn't come as a surprise but it does highlight the concern on the timing of the recovery that exists within the sector," Goodbody analysts said of the Jet2 share sale.
Equivalent To 20% Of Share Capital Before Fundraising
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Jet2 said that the new shares, at a price of £11.80 - representing a 9% discount - are equivalent to 20% of its share capital before the fundraising.