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Trade bodies speak out against push to drive equity trading on to lit markets
Shares trade 8% above offer price as shipping company completes second listing
TX Group and SMG absorb almost 60% of block as insurer cuts holding to 11.8%
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The controlling shareholder of South Korean entertainment company Studio Dragon raised W166.1bn ($136.2m) this week after selling a portion of its stake. -
Equity markets welcomed new measures from the Financial Conduct Authority (FCA) to ease requirements for companies seeking to raise capital to ride out the economic havoc of the Covid-19 pandemic. The most important change is giving companies more flexibility on their 12-month working capital statements, which are required for preparing a prospectus.
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'We are all in this together' is not a view Europe’s investment banks will recognise when they compare themselves with their formidable US rivals, writes David Rothnie.
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Companies in sectors that lack government support packages are having to weigh moving quickly to secure costly private-sector rescue capital against waiting and hoping governments extend existing bailout or liquidity schemes to them. The cost of Carnival Corp’s $6.25bn package last week showed how expensive private sector cash can be, but many sectors’ prospects of receiving public money are better than the Panama-domiciled cruise company.
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Investors stepped up on Monday night to support UK retailer WH Smith in its struggle with Covid-19 disruption in a £165.9m equity raise. Assura, the UK REIT focused on GP surgeries and NHS properties, also raised £185m of investment capital on Monday night.
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A trade in Belgian-listed brewer AB InBev has reopened the secondary blocks market with a sale of a €375.35m block by South African Breweries on behalf of participants in the Zenzele Black Economic Empowerment Scheme.
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