30th Jul 2019 09:41
(Alliance News) - Chemicals business Synthomer PLC on Tuesday said it has received 93% acceptances for a previously announced rights issue, part of a major acquisition.
Synthomer announced the rights issue, worth GBP204 million, at the start of July, following the USD824 million acquisition of fellow specialty chemicals firm OMNOVA Solutions Inc.
The 4-for-1 rights issue, priced at 240 pence a share, was accepted by 79.4 million of Synthomer shares, 93% of those under the offer. The underwriters, Barclays Bank PLC, Canaccord Genuity Ltd, HSBC Bank PLC, and Citigroup Global Markets Ltd, have until 1700 BST on Wednesday to find subscribers for the remaining shares.
If they do not, the underwriters will take them up themselves.
Synthomer shares were 0.4% lower on Tuesday morning at 317.60 pence each.
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