(Reuters) – UK-based over-50s holidays and insurance specialist Saga SAGA.L launched a 150 million pound ($194 million) capital raising on Thursday that will see former boss Roger De Haan return as non-executive chairman after the loss of 1,400 jobs.
De Haan, the son of Saga’s founder Sidney Isaac De Haan, was chief executive before Saga was sold in 2004 to private equity group Charterhouse and will backstop the new fundraising with up to 100 million pounds ($130 million) of his own money.
“The company I sold was doing brilliantly well. I don’t know what happened…but (it) had certainly lost its way,” De Haan said on a call with reporters.
In a statement hours after the results, Saga said it has completed the bookbuild process and raised gross proceeds of about 74.8 million pounds. Bookrunners have placed 623.3 million new shares at 12 pence a piece with some shareholders, De Haan