Icelandic budget carrier Play will aim to raise up to IcKr500 million ($3.6 million) 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 111.1 million shares at IcKr4.5, potentially generating IcKr500 million.


Source: Play

Play’s public offering follows prior funding commitments from other investors

The carrier disclosed in February that it was seeking IcKr3-4 billion 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 1.2 billion shares.

It says 1 billion shares will be placed to meet investor commitments amounting to IcKr4.5 billion. 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.