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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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Chinese pharmaceutical company WuXi AppTec Co is planning to raise primary equity through an issue of H-shares and its Shanghai-listed A-shares. -
Germany has said it will take the unprecedented step of buying equity stakes in German businesses to protect its economy against the damage caused by the spread of the coronavirus.
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The UK government’s decision to lock down the country on Monday night has increased talk that companies, retailers in particular, will soon need equity capital market funding. However, with market volatility still high, recapitalisations will have to be small, or they will have to wait.
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Hotel Chocolat, the UK chocolatier and retailer, sold 9.77m new shares after revealing that its revenues in March have been damaged by the Covid-19 coronavirus; the company hopes the capital will give it flexibility in the weeks and months ahead. More UK SMEs will no doubt follow it to market over the next few weeks.
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Equity bankers are working with corporates on potential rights issues to shore-up balance sheets given the huge economic disruption caused by the coronavirus in Europe. But with volatility sky-high, even optimistic bankers are wary of bringing deals to market, while other ECM deals like block trades, convertibles and IPOs are no-go areas for the foreseeable future.
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European governments are scrambling to combat the impact of the coronavirus pandemic on their populations and their economies. Although much of the intervention has been through fiscal policy and debt markets, countries are investigating taking companies back into public ownership to prop them up.
