Small rump left after Melrose rights issue
UK investment company Melrose on Wednesday rounded off its £1.2bn rights issue with a small rump placement of 12.9m shares. The capital raise will help fund the acquisition of German manufacturer Elster Group.
Melrose saw 98.47% take-up in the rights issue, leaving bookrunners JP Morgan and Investec with a rump which was placed on Wednesday at 220p, after Melrose closed at 226p on Tuesday.
The rights issue offered investors two new shares for every one held at 142p each, a 34.7%
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