Iceland’s Play to open public share offering window in April

Icelandic budget carrier Play will aim to raise up to IcKr500m ($3.6m) in a public offering next month, to support funding already promised under subscription commitments. The airline will open the offer period on 9 April and it will run to 11 April. Play is prepared to issue up to 111.1m shares at IcKr4.5, potentially generating IcKr500m. The carrier disclosed in February that it was seeking IcKr3-4b to underpin its cash position, and that it had received commitments from a number of shareholders. Play states that its annual general meeting on 21 March authorised increasing the company’s capital by up to 1.2b shares. It says 1b shares will be placed to meet investor commitments amounting to IcKr4.5b. The authorised increase will also cover the public offering. Any unused portions of the authorisation will expire, adds the carrier. Arctica Finance is overseeing the issue and listing of the new shares.<br/>