- Over-50s insurance and travel services provider Saga said it was planning to raise £150m from an equity raising, a large portion of which would include a strategic investment by former chief executive and owner Roger De Haan.

De Haan was planning to invest up to £100m in the raising, including £60.6m at 27p per share, representing a 98% premium to the shares' closing price on Friday.

The rest of his contribution would be on the same terms as other shareholders, for which the issue price would be a maximum of 15p per share.

Saga, which noted there had been recent media speculation of a raising, said it would be launched on or around 10 September.

The funds, it said, would strengthen its balance sheet, improve liquidity and support the execution of a 'reinvigorated strategy under its strengthened management team'.

De Haan owned Saga prior to its sale in 2004 to private equity group Charterhouse and was CEO and chairman of the company for 20 years.

He would be reinstated as chairman following the raising, replacing Patrick O'Sullivan in the role.

At 8:10am: [LON:SAGA] Saga share price was +10.69p at 24.3p

Story provided by