ABBs/Block Trades - All Articles

  • JD Wetherspoon taps investors for £141m

    UK pub chain JD Wetherspoon has sold £141m of fresh equity to keep itself afloat until the UK government lifts the country’s lockdown, which led to the closure of all pubs.

    • 30 Apr 2020
  • Corporates urged to fund by selling equity stakes before market dives again

    Equities have made a stirring recovery since the record coronavirus sell-off in March. Corporates, looking to raise cash by any means necessary to survive the crisis and lower their risk, have taken advantage of the uplift, selling non-core equity holdings. Now, more are being urged to get in on the trade while it lasts, as there are fears that stock markets will plummet again if lockdowns or infections worsen with the pandemic far from over, writes Sam Kerr.

    • 30 Apr 2020
  • Hargreaves Lansdown trades 6% below block price after co-founder sells stake

    Hargreaves Lansdown fell in trading on Thursday after Stephen Lansdown, one of the co-founders of the UK retail investment platform, sold £160m of shares in the company via an accelerated bookbuild led by Barclays.

    • 30 Apr 2020
  • LDC sells Team17 shares after stock surges

    Lloyds Development Capital, the private equity arm of Lloyds Bank, has sold a chunk of its stake in Yorkshire-based games developer Team17 after the stock hit an all-time high due to a huge increase in the volume of gamers during the Covid-19 pandemic.

    • 29 Apr 2020
  • Hiscox explores equity raise to tackle coronavirus uncertainty

    Hiscox, the London-listed insurance and reinsurance company, is exploring the idea of raising equity to combat uncertainty surrounding the impact of the coronavirus as premiums, particularly in the US, harden.

    • 29 Apr 2020
  • Supermarket Income Reit share sale increased in size

    Supermarket Income Reit, the UK real estate investment trust focused on grocery stores, has attracted strong demand for its latest capital raising to fund new investment opportunities that may arise from the Covid-19 pandemic.

    • 28 Apr 2020
  • FCA warns banks not to lean on lending to win coronavirus mandates

    The Financial Conduct Authority has written to UK banks warning them against pressuring clients for mandates on Covid-19 equity capital raises using their lending relationship as justification.

    • 28 Apr 2020
  • Investors cling to €675m Worldline block as tech stocks benefit in corona crisis

    SIX Group, the owner of the Swiss stock exchange, was in the market on Monday night with a sale of shares in French payments company Worldline. Investors poured into the deal demonstrating their appetite for high quality tech firms amid the economic ravages of the coronavirus pandemic.

    • 28 Apr 2020
  • Greencoat UK Wind strikes £320m deal as acquisition spree continues

    Greencoat UK Wind, the highly acquisitive UK investment fund focused on UK wind farms has entered an agreement to acquire a Scottish wind farm for £320m. Greencoat has all the financing it needs already to complete the deal, scheduled to close in the first quarter 2023, but it is looking at further acquisitions and could turn to equity to finance it.

    • 27 Apr 2020
  • Tenaga, Serba Dinamik blocks swell on strong demand

    Khazanah Nasional's sell-down in Malaysian electricity company, Tenaga Nasional, and Serba Dinamik Holdings' primary share placement both received a big thumbs-up from investors on Thursday, allowing them to boost the deal sizes.

    • 24 Apr 2020
  • Continental European firms make progress in race to recapitalise

    Fundraising by continental European companies in response to Covid-19 has lagged behind those in the UK, which have raised more than £3bn since mid-March, but it is beginning to gather steam, with several large capital raises this week, including sales of new shares and convertible bonds by Just Eat, the online food ordering marketplace, and Dufry, the Swiss operator of duty free concessions.

    • 23 Apr 2020
  • Telecom Italia, Vodafone offload Inwit stock to reduce leverage

    Telecom Italia and Vodafone have monetised part of their stakes in Inwit, the Italian wireless telecommunications infrastructure company, reopening the market for secondary share sales in Europe.

    • 23 Apr 2020
  • Khazanah launches $209m Tenaga block

    Malaysian sovereign wealth fund Khazanah Nasional is in the market to offload a chunk of Tenaga Nasional shares. It is looking to raise up to MR910.2m ($208.8m) from the block.

    • 23 Apr 2020
  • Hansoh, Shimao net HK$5.8bn from primary blocks

    Hansoh Pharmaceutical Group, a China-based drug maker, pocketed HK$3.49bn ($450m) from a larger-than-planned issue of primary shares this week.

    • 23 Apr 2020
  • Sell-downs to return as investors fund coronavirus deal making

    Europe's equity capital market bankers are expecting a resurgence of secondary share sales by investors over the coming weeks as financial sponsors look to take advantage of the rebound in global equity markets since the start of the pandemic to raise cash to redeploy elsewhere.

    • 22 Apr 2020
  • UK leads the way when it comes to corona recaps but can still do better

    With its more relaxed rules around pre-emption rights, the UK has led from the front by allowing embattled companies to raise equity to keep themselves alive during the coronavirus pandemic. The market's flexibility means there have been no damaging delays waiting for for formal rule changes. Such pragmatism is admirable, although more must be done to protect retail investors from dilution.

    • 21 Apr 2020
  • Opportunity knocks as firms look to cash in on Covid-19

    The Covid-19 global pandemic is not an unmitigated disaster for everyone, as several companies showed on Monday night by selling new shares to take advantage of the unexpected opportunities that the pandemic has created for them.

    • 21 Apr 2020
  • Sino Biopharm stock dives after CEO sells HK$2.3bn block

    Sino Biopharmaceutical’s shares tumbled about 8% on Tuesday after its chief executive officer, Tse Ping, sold a portion of his stake in the company for HK$2.27bn ($292.9m).

    • 21 Apr 2020
  • SK E&S pockets HK$11.6bn from China Gas block

    SK E&S, a South Korean energy company, has raised HK$11.55bn ($1.49bn) by selling most of its shares in China Gas Holdings near the top of the marketed range.

    • 17 Apr 2020
  • Informa closes up 6% after £1bn coronavirus capital raise

    Informa, the UK publishing and events company, has taken the decision to suspend its dividend and raise £1bn of fresh equity after the Covid-19 pandemic caused hundreds of its conferences to be postponed.

    • 16 Apr 2020
  • SK E&S eyes $1.5bn from China Gas exit

    South Korean energy company SK E&S has launched a block sale of up to HK$11.8bn ($1.52bn) in China Gas Holdings, according to a term sheet seen by GlobalCapital Asia.

    • 16 Apr 2020
  • Macron offers hope for French equity market amid virus

    French president Emmanuel Macron may have extended the country’s Covid-19 lockdown until May 11 but equity bankers took hope from his address to the country this week.

    • 15 Apr 2020
  • Carlyle sells $100m of Metropolis Healthcare stock

    The Carlyle Group has raised Rp7.6bn ($100m) after selling most of its stake in Indian diagnostic laboratory chain Metropolis Healthcare, according to a source close to the deal.

    • 15 Apr 2020
  • Hyve Group joins other UK corps in considering Covid capital raises

    The wave of UK corporates going to equity markets to raise capital to offset Covid-19 volatility is set to continue this week according to sources. On Tuesday, Hyve Group, the London-listed organiser of exhibitions and conferences, said it was looking at a possible deal.

    • 14 Apr 2020
  • Equity market wary of ‘relief rally’ with Covid-19 devastation unknown

    A large positive move in stock prices in the past three weeks has buoyed many market commentators, but equities bankers and investors are concerned that equity valuations still do not reflect the severity of the economic effects of the Covid-19 pandemic. If first quarter results or a worsening of the virus are bad enough to drive markets lower still, sufficient harm could be done to investor sentiment to slam shut a vital issuance window for companies desperate to raise cash.

    • 14 Apr 2020
  • Wagamama owner raises cash to see it through lockdown

    The Restaurant Group, the owner of numerous UK dining brands including Wagamama and Frankie & Benny's, raised £57m through an equity raise on Wednesday night to see it through what it expects to be a long period of Covid-19 lockdown with all its restaurants closed until June.

    • 09 Apr 2020
  • Companies urged to strap on equity as shareholders pledge Covid-19 support

    EMEA equity capital markets have reopened in dramatic style as companies rush to raise emergency funds at a time of maximum uncertainty because of the Covid-19 pandemic. Companies are being urged to act quickly in case market confidence evaporates again as the deadly disease continues to spread, write Sam Kerr and Aidan Gregory.

    • 08 Apr 2020
  • Asos soars after Covid-19 recapitalisation

    Shares in UK online fashion retailer Asos rose by more than 30% on Wednesday after the company completed a £247m ($339.46m) share sale to shore up its balance sheet during the Covid-19 crisis. The rise reflects investor confidence that the fashion retailer will endure disruption from the pandemic causing a sharp drop in demand for fashionable clothes.

    • 08 Apr 2020
  • Celltrion Healthcare, Studio Dragon blocks fetch $388m

    The controlling shareholder of South Korean entertainment company Studio Dragon raised W166.1bn ($136.2m) this week after selling a portion of its stake.

    • 08 Apr 2020
  • FCA eases working capital statement rules in response to Covid-19

    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.

    • 08 Apr 2020
  • Investors rush to support WH Smith Covid-19 raise

    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.

    • 07 Apr 2020
  • Secondary blocks market thaws with ABI sale

    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.

    • 07 Apr 2020
  • Bankers suggest secondary sell-downs to return

    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.

    • 06 Apr 2020
  • WH Smith readies share sale as Covid-19 bites

    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.

    • 06 Apr 2020
  • Investors demand companies justify Covid-19 equity raises

    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.

    • 06 Apr 2020
  • Amadeus taps investors for €1.5bn to stay alive during Covid-19

    Amadeus, the Spanish provider of IT to the travel and tourism industries, has completed a €1.5bn financing involving the simultaneous sale of new stock and convertible bonds to protect its balance sheet after a fall in demand due to Covid-19.

    • 03 Apr 2020
  • UK equities grapple with Covid-19 dividend cancellations

    UK equity market participants are assessing the impact of a huge number of dividend cancellations or postponements. It is another layer of fundamental disruption to business as usual, brought about by the coronavirus pandemic, and one which could have wider repercussions.

    • 03 Apr 2020
  • UK firms wrestle with equity raising knots in their darkest hour

    UK companies damaged by the coronavirus lockdown are rushing to the equity market to raise capital, hoping to survive the worst economic disruption most of them have ever faced. Banks are having to stretch deal structures to get the crucial financings done, but this will not work in all cases.

    • 02 Apr 2020
  • WuXi Biologics, Li Ning blocks raise combined HK$6.1bn

    Hong Kong saw a pair of block trades this week as WuXi Biologics Holdings offloaded HK$4.6bn ($599.4m) in WuXi Biologics (Cayman) stock and Viva China sold HK$1.51bn in Li Ning Co shares.

    • 02 Apr 2020
  • Hays sells new shares to survive ‘unprecedented’ Covid-19 disruption

    Hays, the UK recruitment and human resource services company, is in the market with a £200m equity placing to give it enough capital to withstand a halt to much of its business operations because of the spread of the Covid-19 coronavirus.

    • 02 Apr 2020
  • Auto Trader raises £186m in response to Covid-19

    Auto Trader, the UK online vehicle marketplace, has become the latest London-listed corporate to raise equity in response to the challenges of the Covid-19 crisis.

    • 01 Apr 2020
  • UK body gives thumbs up to pre-emption relaxation

    The Pre-Emption Group, an assembly of listed companiesm investors and intermediaries that monitors pre-emption rights in the UK, has changed its guidelines to say that the impacts of the Covid-19 coronavirus means investors should support companies selling new shares worth up to 20% of their market capitalisation without giving existing shareholders first refusal.

    • 01 Apr 2020
  • WuXi Bio boosts share sale size to $599m

    WuXi Biologics Holdings has pocketed HK$4.6bn ($599m) after selling part of its stake in subsidiary WuXi Biologics (Cayman).

    • 01 Apr 2020
  • Li Ning block fetches $194m for Viva

    Viva China Holdings has bagged HK$1.51bn ($194.3m) after selling a block of shares in Chinese sportswear manufacturer Li Ning Co at the top of the marketed range.

    • 01 Apr 2020