30th Jul 2019 12:22
(Alliance News) - Chemicals business Synthomer PLC has managed to find subscribers for the remainder of its rights issue shares, it said Tuesday.
Earlier, Synthomer said it had received 93% acceptances for a previously announced rights issue, part of a major acquisition.
The underwriters, Barclays Bank PLC, Canaccord Genuity Ltd, HSBC Bank PLC, and Citigroup Global Markets Ltd, had until 1700 BST on Wednesday to find subscribers for the remaining shares, otherwise they would have had to take them up themselves.
This has now been done, Synthomer said, at a price of 302.9 pence per share. The 4-for-1 rights issue, priced at 240 pence a share, was accepted originally by 79.4 million of Synthomer shares, 93% of those under the offer.
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.
Synthomer shares were 2.0% lower on Tuesday at midday at 312.20 pence each.
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