Hot demand for Essentra and Workspace cash-box placings
Two UK companies completed cash-box placings on Wednesday, and both found plenty of demand. Essentra, which makes small components and packaging products, raised £168.8m of new capital, while Workspace Group, the provider of serviced offices in London, raised £96.5m.
Cash-box placings are new equity issues for less than 10% of a UK company’s capital – above that threshold, a rights issue or open offer and placing must be conducted.
Both Essentra and Workspace issued the maximum 9.99% of their previous capital.Essentra’s deal, managed by Deutsche Bank, ...