UK's Entain bottoms FTSE 100 on discounted placing

Sts Holding SA

14/06/2023 08:48

** Shares of Ladbrokes-owner Entain  ENT.L  down as much as
11.2% at 1,174p - top loser on UK's blue chip index  .FTSE 
    ** Co raises ~600 mln pounds ($756.7 mln) via a placing of
48.3 mln shares at 1,230p each 
    **  Placing price represents a discount of 6.9%, as per
Tuesday's close of 1,321p
    ** Co says funds from placing and retail offer to be partly
used to fund purchase of Poland-based sports betting operator
STS Holding SA  STH1.WA  for 750 mln pounds
    ** "There’s some maths to the price drop, new shares will be
issued that represent 8.3% of the ordinary share capital prior
to this announcement - diluting the holdings of any investor not
able to take part in the raise": Matt Britzman, equity analyst
at Hargreaves Lansdown
    ** Stock set to record its worst day in four months, if
losses hold 
    ** Including session's losses, stock down 10% YTD
    

($1 = 0.7929 pounds)

 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))