RE: HL - IAG Rights ?13 Sep 2020 17:18
this is what i got sent
International Consolidated Airlines Group SA (IAG) has announced its intention to raise approximately EUR2.7 billion by way of a Rights Issue to strengthen its financial position.
The qualifying date for the Rights Issue is close of business today, Friday 11 September 2020. If you hold shares at close of business today you’ll receive 1 Right for each share held. You’ll then have the option to buy 3 new shares for every 2 Rights held, at a price of EUR0.92 per share. You’ll also have the option to apply for more shares than this, also at EUR0.92, subject to scaling back.
Please note, the price of IAG shares in the market will adjust down on Monday 14 September to take into account the Rights Issue. The Rights are expected to be issued to you on Thursday 17 September. As a proportion of the value of your investment in IAG will be represented by these Rights the overall value of your investment will appear lower from Monday until these Rights are credited on Thursday.
You don’t need to take any action until the Rights are credited on Thursday 17 September 2020, at which point we’ll write to you outlining your options in detail. Once the Rights have been credited to your portfolio you’ll have the option to either take up these Rights to buy new shares or sell the Rights in the market.
We provisionally expect that our deadline for response will be noon on Tuesday 22 September 2020. As no payment will be made in respect of Rights allowed to lapse we expect to set a default option of selling your Rights shortly after our deadline. If you do elect to buy shares in the offer, we’ll debit your portfolio the sterling equivalent of EUR0.92 per share, subject to the exchange rate at the time and our standard currency conversion fees.
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