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By the way I am not a shareholder and have no interest.
As you say, everyone can read the news section......so why don't you because its all there. I have copied a few highlights Proposed 25 for 1 Rights Issue, post consolidation, fully underwritten by UBS to raise £287 million before expenses - Proposed Share Consolidation on the basis of 1 new £1 share for 10 existing 10 pence shares - Proceeds of Rights Issue, together with existing cash resources, will be used to repay in full the £280 million secured revolving credit facility ('Corporate Facility') by 27 February 2008, its maturity date
So has the rights issue already taken place. Are the shares diluted now? I bought on the 9'th Jan, am I entitled to the rights issue?
if you only own a samll number of share ,100, are you still entitled to teh rights issue and if so how does that work - do you get written to - sorry if this is obvious to some ,it aint to me !
LONDON (Thomson Financial) - Shares in buy-to-let lender Paragon Group of Companies were sharply lower midmorning after the company said it was raising 287 mln stg through a deeply discounted rights issue in order to plug a funding gap left by the credit crunch, and Landsbanki downgraded the stock to 'hold' from 'buy'. At 11.05 am, Paragon shares were down 36-1/4 pence, or 35.5 pct, at 65-3/4 pence, about 90 pct lower than a year ago. The rights issue has been fully underwritten by investment bank UBS. In reaction, Landsbanki said although the rights issue helped to remove the uncertainty, it was now assessing the likelihood of the group achieving further headroom for writing new business. In other reaction, KBC Peel Hunt said it observed that the rights issue does not deal with problem of the lack of activity in the mortgage securitisation market. It said it recommends shareholders prepare themselves to follow their money and take up their rights. However, it added that the best option for shareholders is to close Paragon to new business and put it in to run-off. The broker retained its 'buy' recommendation.
quick question? I bought and sold this stock on the 9th. Do you only hold the stock for that day or potentially a longer period. Dont think I will be entitled to the rights issue though would be nice if I was entitled to it?
though its going down again
i missed the boat. Had my eye on it this morning. perhaps another chance may come
you in this stock? might get in if it drops again
csfb has set a new target of 175p
at 136. any advice please
The statement from John Heron, Managing Director of Paragon, below sets out their position from which we can take reassurance. Paragon freely admits they expect to lend less volume in 2008 than they did in 2007 but this year was a very strong year. “Yesterday’s announcement of record results and record new lending was made against a backdrop of turmoil in the credit markets, which is affecting our business as well as many other financial institutions. Against this backdrop, however, we have secured funding to enable us to repay maturing bank debt and ensure the business is financed soundly for the future. In fact, the next loan we need to repay is not until 2017. Unfortunately, much of the media coverage over the last couple of days has failed to focus on the key messages of our announcement, namely that we achieved record profits in 2007, that the buy-to-let sector has good long-term growth prospects and that we have secured our funding. Having put in place the standby rights issue, this now puts us in a very strong position to provide the platform for new lending growth into the future.” John Heron Managing Director
is doing really well today
You don't really think my comment was in relation to your last post do you? LOL, presumptious or what! PS I'm really quite happy on my little fence, but I'm glad for your informative posts today, keep em coming....
Date & Time Company Headline 21 Nov 2007 16:40 Paragon Group of Companies (The) PLC Paragon Grp Of Co's Second Price Monitoring Extn RNS Number:2338I TIDMPAG Paragon Group Of Companies PLC 21 November 2007 A second Price Monitoring Extension has been activated in this security. A second Price Monitoring Extension is activated when the auction matching process would still result in an auction price that is a pre-determined percentage above or below the base price. The auction call period is extended for a further 5 minutes.
and I reckon legalcat is right and I for one will be joining Davius staying on the fence for now, to see if dead cats really bounce.............. before expiring!!
To both, good info
At the current share price the market capitalisation is £95m. If they need to raise a further £280m at below the current SP then you could assume a dilution of perhaps 4-1, and if they raise via a rights issue shareholders would need to subscribe to retain their stake. So if you current held £1000.00 worth of shares (at todays SP) and they issued new shares at 70p you'd could be offered 4 news shares for each one you hold. That would mean a further investment of £3300 or so to retain your full stake. However, such a cash injection should secure the short term future of the business. And anyone that didn't subscribe may not see much of a fall in the share price. But it does depend to some extent on how much of a discount to the SP the rights issue is placed at. I still think the fall is overdone but would prefer to see the details of the rights issue before deciding to take a punt here. Staying on the sidelines for now...
I work in conveyancing and Paragon are no more. Try ringing them to get a mortgage
Is deceased. It is an ex lender, to parody a sketch from Monty Python
is a dead duck. Finito, no more.
Sorry to be an idiot but what do you mean in auction please.
Cheers.
A surge after auction into the mid 80s but dropped back off a tad. I suspect a further retraction is possible. Far too much of a punt for me I think, they could close at 70p or 90p...
Do you think buying soon will be a good idea?