- GCP Student Living's board has agreed to go ahead with an open offer, placing and offer for subscription.

The company announced that it was looking to raise gross proceeds of around £42m and the acquisition of Scape Greenwich on 14 March and 22 April.

The company said the board had agreed to proceed at an issue price of of 105.5p per new ordinary share. This compares with the mid-market price per ordinary share of 106.75p at the close of business on Friday.

Shareholders will be offered the opportunity to participate in a pre-emptive open offer on the basis of one new ordinary share for every two ordinary shares held at the record date which is currently expected to be on or around 29 April. The balance of any new shares to be issued will be made available under the placing and offer for subscription, with priority given to shareholders on the register as at the record date.

At 2:26pm: [LON:DIGS] GCP Student Living Plc share price was 0p at 106.75p

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