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Capital raise successful amid share volatility
Military goggles maker Theon starts €150m rights issue
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By the second day of Saipem’s auction of its unsold rights, all of them had been sold to investors — but with the share price still 3.3% below the subscription price at Thursday's close, the underwriters may yet have to buy up to €427m of stock. -
Saipem's share price rose 13.7% on Monday morning, bringing some relief to bookrunners on the firm’s rights issue, which are facing up to€427m of exposure to its shares. By the end of the day, however, the stock was up just 1.4%.
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Delta Lloyd, the Dutch insurance company, is facing opposition to its planned €1bn rights issue - more than the company is now worth - from as many as a third of its shareholders.
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Samsung Engineering’s W1.27tr ($1.06bn) rights issue has been 99.9% covered, with the remainder to be sold to the public, according to a source close to the deal.
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Tritax Big Box Reit, a UK logistics real estate investment trust, closed a £200m follow-on capital raising on Friday morning, having increased the deal from a £100m-£150m range.
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Saipem, the Italian oil and gas engineering group, announced late on Thursday evening an 87.8% take-up for its €3.5bn rights issue, leaving the underwriters potentially on the hook for up to €427m. In a concerning sign, the shares were suspended on Friday after falling 11%, though they have recovered to 6% down.
