The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Yesterday share holders voted by a massive majority c99% to go with a rights issue. For every 2 shares held you can purchase 7 more at £1.21. This is to raise £350m creating liquidity and allow further asests to be purchased. The new price today is a diluted price and will continue to trade at such a price. The entitlement letters to qualifying share holders were sent last night and you have until 4th Aug to reply. This should be seen as a positive RI as they are already performing well in the current climate and this will allow them to purchase further marked down assets that will be worth a lot more in the future. I will be purchasing my full entitlement... GLA
By Rachael Gormley At DOW JONES NEWSWIRES LONDON (Dow Jones)--Shareholders of Intermediate Capital Group PLC (ICP.LN) Monday approved the mezzanine debt provider's plans to raise GBP351 million so it can take advantage of cheaper debt prices and refinance market leading businesses that are burdened with debt. At its extraordinary general meeting Monday, shareholders voted to allow the issuing of 302,193,703 new shares at 121 pence. This marks a 39% discount to the theoretical ex-rights price based on the July 1 closing price - the day before the rights issue was announced. As a result of the rights issue being passed, the company, which raises third-party funds to invest in mezzanine - a loan tier that bridges the gap between equity and the main debt - will be able to extend the maturity of GBP395 million of its bank debt until 2013. It has already extended GBP150 million of its debt. When the rights issue was first announced, Managing Director Tom Attwood told Dow Jones Newswires the lack of liquidity in the banking sector was providing "significant opportunities" to invest in the primary and secondary markets for buyout capital at attractive prices. "There are literally hundreds of high-quality companies with too much debt," he said. Company Web site: www.icgplc.com -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com By Rachael Gormley At DOW JONES NEWSWIRES LOND
Shareholders in Intermediate Capital Group were offered bargain basement new shares in the company as the City finance house launched a heavily discounted, seven-for-two £351 million rights issue. ICG says it wants the money to take advantage of opportunities in the hitherto moribund buyout market.
Can anyone explain the drop? Diluted shares?
not sure i just had a small punt so i hope so
can't seem to getting going back up what do you think?
not a clue yet im looking plenty of buys at this price
trades go through at double the price!
there X div and X rights
Put in a tiny amount....
whats caused this?
what the hell is going on ..im in now
Does anybody believe this has the potential to keep rising over the next few days?
shorting these