Jet2 taps the market again

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Jet2 PLC (LON:JET), down 5.9% at 1,222p, ran into some turbulence on take-off this morning after it tapped the market for £422mln.

The company placed shares at 1,180p to raise money to tide it over the period of disruption to the air travel and foreign holiday markets caused by the coronavirus pandemic.

The company, formerly known as Dart Group, said yesterday after the market had closed yesterday that as at the end of January, it had cash of £479mln, excluding money held for holidays or flights paid for but not yet taken.

Another company raising money was John Lewis of Hungerford plc (LON:JLH), which knocked out 7.2mln shares at 0.675p to raise £48,600, sending the shares 3.7% higher to 0.7p.

From the amount raised, you will deduce that this John Lewis is not the partnership that owns the eponymous department stores and Waitrose supermarkets.

The Hungerford-based manufacturer and retailer of kitchens and furniture said the funds raised will be used for general working capital purposes.

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