Covid-19 sinks AMS rights issue

AMS_PA_March11_2020.jpg
By Sam Kerr
01 Apr 2020

Underwriting banks must subscribe to 30% of AMS's Sfr1.75bn (£1.81bn) rights issue after the spread of the Covid-19 coronavirus smashed the Austrian sensor maker's share price during the offer period. Equity capital market sources said they have never seen a market which is so bad for issuance.

HSBC and UBS were global coordinators on the fully underwritten rights issue on the Swiss stock exchange. Bank of AmericaCitiCommerzbankDeutsche Bank and Morgan Stanley were bookrunners.

AMS shareholders were offered four shares for every nine they own in the rights issue. Investors could subscribe for new shares at ...

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