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Sir Roger De Haan

Sir Roger De Haan

Postby newmember » 29 Aug 2020 15:50

This is interesting news, seems that Sir Roger is returning to Saga.
Below is a direct quote from Sky news, issued today (29th).
The former chief executive of Saga, the over-50s insurance and travel provider, is to stage a stunning comeback as part of a £150m capital-raising to shore up its coronavirus-hit balance sheet.

Sky News has learnt that Sir Roger de Haan, who sold Saga for £1.3bn in 2004, is to inject up to £100m into the company in return for a stake of close to 20%.

The firm placing to Sir Roger will be conducted at a substantial premium to the current share price of just 13.61p, insiders said this weekend.

A further placing of shares, to raise roughly £50m more, will then occur to give existing investors the chance to participate, they added.

That second tranche of stock may be placed at a discount to the price paid by Sir Roger, who will become Saga's non-executive chairman.

A source said that Patrick O'Sullivan, who became chairman in 2018, had volunteered to step down in order to facilitate the deal.

The fundraising will be one of the most unusual of the scores announced by London-listed companies since the outbreak of the COVID-19 pandemic.
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