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Qualifying shareholders take up 68% as remainder stays with conditional placees
Underwriting left unused after deal is 33% oversubscribed
Shareholder-backed recapitalisation will help reduce debt and prepare assets for sale or listing
Placing and open offer follows recent acquisition of US annuity provider
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August has been a volatile month in recent years, with the Chinese devaluation last summer and a flare-up in Greece's debt crisis. Yet so far indices have remained stable this time. Stability could also be torpor if primary activity is anything to go by. Just a handful of small European deals in progress show a market in the full grip of the summer slowdown.
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TwentyFour Income Fund, a listed fund from TwentyFour Asset Management, the UK asset manager specialising in fixed income, has launched its second capital increase of the summer, to satisfy additional demand and finance the purchase of new securities backed by Dutch consumer loans and British mortgages. -
Trader Media East, the largest classified advertising firm in central and eastern Europe, has said it will carry out a seven-for-one share offering worth $88m net of expenses.
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Starwood European Real Estate Finance, the Guernsey domiciled closed-end investment fund focused on real estate debt, has completed a £73m ($94.78m) share placement on the London Stock Exchange.
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European equity capital markets remain muted ahead of what many participants expect to be an extremely busy autumn window. Yet in London, there is one live deal of substantial size progressing steadily towards completion.
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Shares in Melrose Industries, the UK investment firm, began trading ex-rights on Tuesday ahead of its £1.6bn ($2.08bn) rights issue on the London Stock Exchange.
