Lenzing drops on discounted capital increase
16/06/2023 07:55
** Shares in Lenzing LENV.VI fall 8% in early trade after
the Austrian chemicals firm announced a 400 mln euro ($437.7
mln) capital increase at a discounted price
** It will issue about 12 million new shares for a
subscription price of 33.10 per share, almost half of Thursday's
closing price at 60.10 euros per share
** Each shareholder can subscribe to five new shares, per 11
shares already held
** Lenzing says the proceeds will be used to strengthen its
balance sheet and liquidity, provide additional flexibility to
its financing strategy, and support its strategic roadmap
** The stock hits the bottom of Austria's traded index
.ATX in early trade
($1 = 0.9139 euros)
(Reporting by Tristan Veyet)
((Tristan.chabba@thomsonreuters.com))