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LONDON - Chesnara PLC (LSE:CSN) announced Wednesday that underwriters have successfully placed all remaining shares from its rights issue, representing approximately 12% of the total offering for which valid acceptances were not received.
The rump placing was conducted at a price of 255 pence per share, significantly above the 176 pence issue price established when the rights issue was announced on July 3. The placing was managed by RBC Europe Limited and ABN AMRO (AS:ABNd) Bank N.V., acting as underwriters, along with Panmure Liberum Limited.
Net proceeds from the placing of these unsubscribed shares will be distributed to qualifying shareholders whose rights have lapsed, on a pro-rata basis to their lapsed provisional allotments. Individual amounts below £5.00 will not be paid out but will instead accrue to the company.
The rights issue was fully underwritten, ensuring Chesnara would receive the total funding sought regardless of the level of shareholder participation. The company did not specify the total amount raised through the rights issue in this announcement.
Chesnara, a life insurance and pension consolidator, had previously issued a prospectus on July 3 detailing the terms of the rights issue. The announcement was made based on information contained in a company press release.
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