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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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Haitong Securities tapped into the current buoyant sentiment for Chinese brokerage firms to close a hefty HK$29.94bn ($3.86bn) placement of H-shares, which saw bankers working behind the scenes to secure a cadre of high-grade investors. -
Louis XIII Holdings, which is developing a luxury resort along Macau’s Cotai Strip, has raised HK$1.64bn ($211.51m) via a placement of shares and convertible bonds.
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Hsin Chong will raise a smaller-than-expected HK$1.47bn ($189.59m) in a placement of primary shares following the termination of an earlier agreement with two banks.
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British Telecommunications has declined to confirm press reports that it is planning a £2bn rights issue as part of its financing for the £12.5bn takeover of EE, the UK mobile phone group. However, the market barely flinched at the news, suggesting a deal, if it comes, will not be a challenge.
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China’s Li Ning Company is hoping to raise $HK1.7bn ($219m) in a rights issue for which the proceeds will be used as working capital.
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Tessenderlo Chemie, the Belgian chemicals company, has received enough demand from existing and new investors to complete a €174.8m rights issue.
