Mike Ashley's Frasers Group lifts stake in THG

(Sharecast News) - Mike Ashley's Frasers Group increased its stake in ecommerce group THG on Monday. According to a regulatory filing, Frasers - which also has stakes in Asos, Boohoo and Currys, among others - lifted its interest to 10.9% from 6.1%.

THG announced last week that it had raised £90m in a share placing and refinancing, which included a £60m contribution from founder and chief executive Matthew Moulding, in a bid to support its "strategic growth targets".

The company raised £30m in a placing of shares at 32.3p, which was a 5% discount to the closing share price a day before the placing. THG said the placing was oversubscribed, with support from new investors and existing shareholders.

Matthew Moulding entered into a £55m convertible loan and agreed £5m of partly paid shares.