Saga to raise 150 million pounds in new capital, ex-CEO to return as chairman

(Reuters) – Saga Plc said on Sunday it planned to raise 150 million pounds ($200 million) in new capital and bring back former Chief Executive Officer Roger De Haan as non-executive chairman, as it tries to shore up its finances after disruption caused by the COVID-19 pandemic.

Roger De Haan, who was chief executive before the company was sold in 2004 to private equity group Charterhouse, intends to invest 100 million pounds out of the 150 million pounds the company plans to raise, the British over-50s holidays and insurance specialist said in a statement.

He will also join the board and take over from Patrick O’Sullivan as non-executive chairman, upon completion of the planned equity raising, the company added.

The travel company has received regulatory approvals and expects the plan to be launched around Sept. 10, alongside its interim results announcement, the statement said.

(Reporting by Radhika Anilkumar in Bengaluru; editing by David Evans)