Piraeus slips in thin trading after revealing rights terms

04 Jan 2011

Piraeus Bank shares slumped on Tuesday after the Greek lender revealed the terms of a Eu807m rights issue. But, with minimal trading volume, syndicate bankers were unconcerned.

The stock dropped 16.5% to Eu2.99 from Eu3.57 in early morning trading — albeit on volume of less than 2m shares — after Piraeus said it would offer 12 new shares for each five held. It will issue 807m new shares at Eu1.00 each, a discount of 43% ...

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