Does anyone understand what has been going on here - an open Offer to raise funds - at £1.05 per share when the market share price has been around 95p.
Today - after over-subscription and the new shares now trading - there is a news Release that the directors have acquired their shares at 90p each - not only a discount to the Offer but also a discount to the Market. I must be missing something...?
would appreciate an explanation of what is going on!
The placement was €1.05 per New Ordinary Share. Not 105p, I think that may explain the difference.
Yup - I noticed the same. €1.05 equates to 90p.
It's not obvious to me though why the placing was quoted in Euros. Any ideas?
Their figures are all in Euros if you look on the Stock report. Money was raised in Euros also.
thanks folks for the comments Yes - the placing was ar euro 1.05 equivalent to 90p - the frustrating thing, the euro sign frankly, looked very like a sterling sign and the exchange rate was hidden on page 76 of the official doc... Just shows how careful one has to be...
