NEARLY 30% of mortgage lender Bradford & Bingley will end up in the hands of other banks following its pounds 400m rights issue
The net proceeds of the rights issue
, which has been underwritten in full by funds managed by WL Ross, a major shareholder in Wagon, were to be used in part to provide capital expenditure funding to support the company's recent contract successes and to partly prepay existing debt facilities.
HBOS are particularly vulnerable to share-price falls due to their rights issue
But a group of smaller shareholders, fronted by Daniel Pepper, said the rights issue
would result in a dilution of shares for those who did not wish to participate.
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The share price should theoretically fall to a level that reflects the weighted average of the old shares at their market price prior to issue, and the new shares at the rights issue
The company said that the purpose of this rights issue
is to repay part of the financing of the acquisition of Aleris Care's operations in Sweden, Norway and Denmark (Aleris Care) and thus lower Ambea's leverage in line with the company's long-term financial goals and is carried out with the support of the company's larger shareholders.
Flourmill is raising N39.9 billion by way of Rights Issue
by offering 1.47 billion ordinary shares of 50 kobo each at a rights price of N27 per share to existing shareholders based on nine new ordinary shares for every 16 ordinary shares held as at December 8, 2017.
Gulf Navigation Holding said on Wednesday it has appointed Al Ramz Corporation as a Co-Bookrunner to manage their Rights Issue
in order to increase its capital to Dh1 billion.
The Rights Issue
is subject to all necessary regulatory approvals.
The largest rights issue
during the period was from Tata Motors which alone raked in Rs 7,498 crore.