Saga plc, the listed British financial services to cruise company that serves those over the age of 50, is to receive an equity injection that brought its former chairman to that position, while the company’s second newbuilding has left the shipyard in Germany.
The company said that it is at the advanced stage of a prospective £150 million equity capital raise in order to strengthen its balance sheet, improve liquidity and support the execution of its reinvigorated strategy under its strengthened management team. This is planned to be launched on 10 September, when Saga is also due to publish its first half interim rsults.
Former chairman Sir Roger De Haan intends to invest, subject to final documentation, up to £100 million in the Proposed Equity Raise. It is expected that Sir Roger will make his investment through:
“Alongside his investment, Sir Roger would join the Board and become Non-Executive Chairman, taking over from Patrick O'Sullivan upon completion of the Proposed Equity Raise. Sir Roger would serve for an expected term of three years, subject to annual re-election by shareholders.,” the company said.
Meanwhile, Spirit of Adventure, the second of two 56,850 gross ton luxury segment newbuilding from Meyer Werft in Germany, has left the shipyard in Papenburg for sea trials.
Spirit of Discovery, the first vessel, is currently laid up in Tilbury near London. It was delivered to the company last year.
