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Booming metal prices could bring more equity deals
International tension has propelled valuations in the sector up, tempting issuers
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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. -
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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Equity bankers have suggested that some shareholders might be tempted to come to market to sell secondary shares in accelerated trades, reopening a market largely shut because of pandemic-related volatility.
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Shares in UK newsagent chain WH Smith rose more than 4% on Monday morning after it confirmed it was preparing a capital increase to repair its balance sheet after the spread of the Covid-19 coronavirus led to a large drop in the number of shoppers at its lucrative airport stores.
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Equity investors expect more capital raises this week as companies seek to raise cash to support them through the Covid-19 pandemic. However, investors are demanding issuers be clear as to why they need to raise funds now.
