Credit Suisse has started the seemingly impossible task of selling 13.5 million Syrah Resources shares at a 20 per cent premium to their trading price.
The broker launched a bookbuild for the 13.5 million Syrah shares on Wednesday, requesting bids in 1¢ increments from the $3.25 floor price according to a termsheet sent to potential buyers.
At the same time, Syrah shares were trading at $2.66.
The 13.5 million Syrah shares, worth $43.9 million at the underwritten $3.25 floor price, were left over from the retail component of Syrah's renounceable rights issue.
The stock will most likely to end up in the hands of underwriters and sub-underwriters.
Credit Suisse underwrote the retail offer as part of a wider $211 million capital raising. It was paid a 3.25 per cent fee for underwriting, managing and arranging the institutional placement and entitlement offer.
The entitlement offer was launched on August 3, when Syrah shares were trading above $3.60 each.
The stock was heavily sold through the retail offer period, in what has been a particularly tough market for resources companies.
Syrah announced on Wednesday morning that only 600,000 rights had been taken up in the retail offer, leaving the 13.5 million share shortfall.
Read more: http://www.copyright link/street-ta...urces-shortfall-20150826-gj7uyk#ixzz3juxJyP6B
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