Synthomer PLC - Harlow, Essex-based speciality chemical products maker - Synthomer's investment banks place the remain shares from its 6-for-1 rights issue, a total of 10.3 million shares, 7.4% of the overall rights issue. The share are placed at 200 pence each, meaning the rump sale is worth GBP20.6 million gross. In total, the rights issue raises GBP276 million. The rights price is 197p per share so the increment in price after expenses will be returned to shareholders who didn't take up their rights. The money raised for the company will be used to reduce debt and "provide stronger foundations to focus on delivering its speciality solutions strategy". The rights issue is accompanied by a 20-into-1 share consolidation, completed last month.
Current stock price: 206.00 pence, down 2.8% in London on Friday
12-month change: down 69%
By Tom Waite, Alliance News editor
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Synthomer (SYNT)