Ashurst advises Jefferies, Peel Hunt on Essentra equity fundraising for acquisition of 3C! Packaging

In conjunction with the placing, the directors of the Company subscribed for ordinary shares and an offer was made by the Company on the PrimaryBid platform to allow retail investors to participate in the equity fundraise.

A total of 37,223,079 new ordinary shares were placed by Jefferies and Peel Hunt at a placing price of 260 pence per share. In addition, 1,150,000 new ordinary shares were issued pursuant to the retail offer and 88,459 new ordinary shares were directly subscribed for by directors . The net proceeds of the equity fundraise will be used in part to finance the Company's acquisition of 3C! Packaging, Inc., a packaging business in the US. The additional funds raised will be used to strengthen the Company's balance sheet and to give the Company flexibility to pursue other strategic opportunities as and when they arise.

The Ashurst team was led by corporate partner Simon Bullock, with Eric Stuart leading the US securities team. Simon and Eric were assisted by senior associates Rodrigo Romero-Hidalgo and Louise Chan and associate Camilla Booth-Clibborn. Partner Nicholas Gardner advised on UK tax matters, assisted by associate Martin Voelker.