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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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Genvon Group, a property developer and tool manufacturer, is looking to raise HK$996m ($128.5m) by issuing 3.9bn new shares, in an offering that will see Beijing Properties become the company’s largest shareholder. -
Salini-Impregilo, the Italian industrial, may increase its share capital by up to 10% through an equity offering to institutional investors. The company’s majority shareholder, Salini Costruttori may also sell part of its stake through a parallel secondary share placement.
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London listed Imperial Innovations Group is to raise £150m through a placing of new ordinary shares in order to strength its balance sheet.
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Central European miner New World resources has launched a full shake-up of its capital position, calling on equity, bond and loan markets for a deal which it hopes will allow it to take advantage of an upturn in coal markets after a tough year.
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Norwegian oil producer Det Norske Oljeselskap is to raise $500m through a fully underwritten rights issue as it makes a series of deals including a $2.1bn acquisition.
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Solar products manufacturer Shunfeng Photovoltaic International plans to raise HK$6bn ($774m) by issuing 600m new shares, making it the company’s largest fundraising in the past year. It was only in September that Shunfeng sold 400m shares at HK$2.8 each, but an impressive rally in its share price means the company is pricing the new deal at a minimum of HK$10.
