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Holidaybreak rights issue to raise 33 million pounds

Holidaybreak has announced that it is seeking to raise £33 million by a rights issue.

The plan calls for issuing 21,714,340 new ordinary shares, and is subject to shareholder approval at the company’s General Meeting on 3 July.

According to the travel company, it intends to use the funds for investment opportunities related to its education businesses that have arisen due to the current economic downturn.

Holidaybreak’s board is said to be in advanced talks regarding the acquisition of large outdoor education centre for its PGL division – a facility having good access to London.

No formal agreement for the centre’s acquisition can be entered into until the rights issue is completed, however.

John Coleman, the company’s chairman, said: “The Board believes that the successful completion of the Rights Issue will enable the group to take advantage of attractive investment opportunities for its education businesses.”

He added: “Completion of the Rights Issue will help the group to pursue its strategy for growth at a time when many of its competitors are constrained from doing so.”

The chief executive of the group, Carl Michel, commented: “There remains no sign of the group’s Education Division being materially impacted by the recession.”

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