19th Oct 2018 12:13
LONDON (Alliance News) - Elementis PLC said Friday that HSBC and UBS found subscribers for the remaining 12.41% of shares which had not been taken up in its rights issue.
UBS and HSBC provided subscribers for the remaining 14.4 million shares at a price of 203.0 pence each.
Earlier on Friday, the company said its shareholders had taken up 88% of its rights issue to raise cash for an acquisition in The Netherlands.
The UK listed chemicals company earlier Friday had said it received acceptances from existing shareholders 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.
At that price, the 101.7 million shares taken up raised GBP154.6 million in gross proceeds, with the placing of the remaining share raising an additional GBP29.2 million, for GBP183.8 million total.
The FTSE 250-listed company expects the shares to start trading on Friday.
Elementis shares were down 5.7% at 207.00p.
Related Shares:
Elementis