Workspace rights issue flop leaves underwriters with £44m

March 11, 2009 12:00 am

Less than one half of the shareholders in commercial property business Workspace participated in the company’s £87.2m rights issue, making it the second deal to flop in the UK this year after SVG capital. Only 49% of Workspace’s shares were taken up, meaning that underwriters NM Rothschild, Panmure Gordon and Investec will be left with £44.5m worth of stock on their books. Have investors had enough of property sector cash calls? Read EuroWeek on Friday.

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