Good morning, it's Paul here with the SCVR for Weds. Please see the header above, for the list of companies that I intend to cover today.

Estimated timings - there's loads of interesting news for me to cover today, so I've started at 7am, and will just keep going for as long as needed. There should be plenty of material in this report by the official finish time of 1pm.
Edit at 13:01
- I have to stop now, for an appointment, and to fetch some groceries for Mum. If I manage to finish off the last 3 sections later, then will ask Graham to flag it in tomorrow's report.


Portmeirion (LON:PMP)

Share price: 385p
No. shares: 10.64m + x new shares TBC
Market cap: £41.0m (before placing)

Proposed Placing, Subscription & Open Offer

Portmeirion Group PLC, the designer, manufacturer and worldwide distributor of high quality homewares under the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands...

Another day, another fundraising! It's an accelerated book build, which tend to complete very quickly - because the deal is largely done behind closed doors, by the time the announcement comes out. I'll update this section later with the precise details, when the second announcement is published, probably later today.

Key features;

Placing size - raising £10m, so that looks to be about a 25% increase in issued shares.

Price - "not less than 375p" - which is a modest discount, therefore existing shareholders have nothing to complain about.

Subscription - this looks like an additional subscription for new shares, small at £0.66m

Open Offer shares - only £2.0m, which is too small at just 20% of the placing. I think companies should offer more than this, ideally 50%+ of the number of placing shares. I say this because PMP shares are so illiquid, that it would be difficult for anyone but the smallest shareholders to buy more in the open market. More attention needs to be paid to looking after the interests of smaller shareholders. A good recent example of this was Revolution Bars (LON:RBG) (I hold), which did an open offer of 67% of the size of the placing, in order to look after its private investors.

Background - this is a turnaround under new management. Obviously it has suffered reduced sales due to covid, but new management…

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