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£12.3m share underwriting costs, £10m costs associated with sale of KL, £10m pension costs being paid from sale of KL, £0.7m pension costs being paid from fundraising.
Those are a lot of costs , £33m in total, not included anywhere at present.
Kier should have raised another £100m because they will still be in substantial debt after all this dilution and asset sales.
A premium is unlikely. They would simply buy the shares on the current price rather than pay a premium. At the end of the day, if there is an appetite for the shares, the issue will be successful.
All will be revealed in the next few months. A takeover is unlikely simply because of the debt levels. Enterprise value is well north of £500m.
Indeed...but if you are going to the trouble of producing a spreadsheet and sharing the spreadsheet on a Kier BB, you have ignored the most important aspect of the raise which is that it is significantly greater than the current market capitalisation of the company.
On a relative basis, the proposed issue is massive. For every £1 you have invested now, you will have to part with £1.50, just to avoid dilution.
If a placement and rights issue happens, existing shareholders will be diluted unless placement is at or around current share price. That is unlikely to happen.
Would existing shareholders stump up 140p per existing share for new shares? I doubt it.