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Military goggles maker Theon starts €150m rights issue
French biotech seeks to accelerate cancer vaccine program
Payment processor's shares dropped to new low on Thursday
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Nyrstar, the Belgian zinc producer, has successfully completed the sale of all the new shares on offer in its rights issue, after selling the rump of the deal in an accelerated bookbuild on Wednesday.
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Delta Lloyd, the Dutch insurance company, bowed to investor pressure and cut the size of its planned rights issue by a third on Wednesday, to €650m.
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Apax made on Tuesday night its first selldown of stock in Auto Trader, the UK car sales website, since floating the business last March. As had been expected after the IPO was increased, Apax was able to sell virtually its whole remaining stake in one go.
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There are still no block trades or IPOs being done in Europe, but equity capital markets bankers have been keeping themselves busy with rights issues, especially as some of them are proving rather hard to execute.
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Saipem’s unfortunate €3.5bn capital raise could have wide-ranging consequences for other firms desperately in need of fresh cash to weather the commodities downturn.
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With the year not two months old, seven leading equity capital markets banks have got saddled with what is understood to be at least €50m each of Saipem shares, after the rump of its rights issue failed to sell.