Nightclub operator, London Clubs International, has announced that its rights issue received a 95.6 per cent take up before the deadline on 19 April.

Acceptances for the issue have been received for 70.5 million of the 73.7 million New Ordinary Shares issued at 70 per pence per share – a discount of 40 per cent.

The balance has been placed with institutional investors at a price of 122 pence per share.

The rights issue, announced on 5 March this year, was designed to secure a cash injection of £49m to enable the company to complete a £180.5m debt refinancing scheme and also to fund future expansion of its gaming division ahead of the government’s expected relaxing of UK gambling laws.

Chair, Mike Beckett, said at the time that the fundraising would leave London Clubs “extremely well positioned to enhance its existing portfolio of casinos and to exploit the opportunity that deregulation affords.” Details: www.lciclubs.com