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Pin to quick picksTP ICAP Share News (TCAP)

Share Price Information for TP ICAP (TCAP)

London Stock Exchange
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Share Price: 203.55
Bid: 203.50
Ask: 203.65
Change: 3.05 (1.52%)
Spread: 0.15 (0.07%)
Open: 199.80
High: 204.50
Low: 199.80
Yest. Close: 200.50
TCAP Live PriceLast checked at -

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TP ICAP Completes Rights Issue To Fund Liquidnet Deal

Wed, 17th Feb 2021 08:42

(Alliance News) - TP ICAP PLC on Wednesday said it has received acceptances for 98.3% of the 225.3 million shares offered in its 2-for-5 rights issue at 140.0 pence each.

Underwriters HSBC, BofA Securities, JP Morgan and Peel Hunt will find subscribers for the remaining shares or subscribe themselves, TP ICAP noted.

The rights issue will raise about GBP315 million.

The rights issue represents 40% of TP ICAP's existing share capital and 29% of its enlarged total.

Shares in the FTSE 250-listed interdealer broker were 0.5% higher in London on Wednesday morning at 204.60p each.

The proceeds from the issue will go towards funding part of the USD575 million acquisition of Liquidnet Holdings Inc, first announced in October.

TP ICAP's shareholders have already approved the deal to acquire New York-based electronic trading network Liquidnet.

Liquidnet is said to be a specialist in equities dark trading, with a growing presence in fixed income. For the year to the end of June, Liquidnet generated adjusted earnings before interest, tax, depreciation and amortisation of USD64 million, on revenue of USD339 million.

The Liquidnet deal comprises an upfront consideration of USD525 million on the completion of the deal, and a deferred consideration of USD50 million. TC ICAP will pay up to a further USD125 million depending on the performance of the Liquidnet Equities business over the three-year period from the start of 2021.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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