• Institutional placement to raise $114.0 million.
• Issue of approximately 28.5 million new shares, equivalent to approximately 15.0% of the Company’s current shares on issue of 190.3 million.
• Share Purchase Plan capped at $10m, offering all existing shareholders the opportunity to subscribe for up to $30,000 each in new shares at the Offer Price (the Company reserves the right to accept oversubscriptions subject to demand).
[source: ABB Cap Raise Presentation]
Hmmmn. How will this work? ABB has approximately 15,000 small shareholders (with 100,000 shares or less). If each one of these were to subscribe for $30K-worth of new shares under the SPP, applications would total $450mn, a tad in excess of the $10mn plan cap. In reality, of course, not all 15,000 shareholders will subscribe and not all subscribing shareholders will apply for anything close to $30K-worth of shares. Further, the company will (probably, as implied in the cap raise announcement) accept some degree of oversubscription. That said, even if only one-third of the aforementioned 15,000 shareholders contribute an average $5,000 apiece, that's $25mn in applications - two and a half times the $10mn cap. Why does the placement ($114mn) to institutions need to completely and utterly dwarf the SPP ($10mn)? As a small shareholder, you could be forgiven for feeling like an afterthought.
- Forums
- ASX - By Stock
- ABB
- Ann: Successful $114m Institutional Placement
Ann: Successful $114m Institutional Placement, page-5
-
- There are more pages in this discussion • 27 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add ABB (ASX) to my watchlist
(20min delay)
|
|||||
Last
$3.09 |
Change
-0.010(0.32%) |
Mkt cap ! $916.1M |
Open | High | Low | Value | Volume |
$3.13 | $3.18 | $3.09 | $2.599M | 832.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1894 | $3.09 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.11 | 1222 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1894 | 3.090 |
1 | 10000 | 3.050 |
2 | 38680 | 3.040 |
1 | 1222 | 3.030 |
1 | 1222 | 3.020 |
Price($) | Vol. | No. |
---|---|---|
3.110 | 1222 | 1 |
3.120 | 1222 | 1 |
3.130 | 1422 | 2 |
3.140 | 1222 | 1 |
3.150 | 1222 | 1 |
Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
Featured News
ABB (ASX) Chart |