19th Oct 2018 08:55
LONDON (Alliance News) - Elementis PLC said Friday that shareholders have taken up 88% of its GBP176.3 million rights issue to raise cash for an acquisition in The Netherlands.
The UK listed chemicals company said it received acceptances for 101.7 million shares, 87.6% of the shares issued to help fund the USD533 million acquisition of Dutch industrial talc mineral additive firm Mondo Minerals Holding BV.
The right issue announced in September, was on the basis of 1 new ordinary share at 152.0 pence per share for every 4 existing shares, and Elementis had said it would offer up to 116.0 million new shares.
The remaining 12.41% of shares not taken up in the rights issue will be subscribed for by the offer's underwriters UBS and HSBC.
The FTSE 250-listed company expects the shares to start dealing on Friday.
Elementis shares were trading down 1.5% at 216.20p.
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