4HEû)0/ûCOMPRISEDûAûûFREE
mOAT ûOFû
which 15% was underwritten by Old Mutual,
NICO Asset Management and National Bank
of Malawi, all of which are listed on the
Malawi Stock Exchange. The other 5% was a
non-underwritten upsize that was exercised.
The stock closed on Thursday at MK17.62,
HAVINGûlNISHEDû7EDNESDAYûONCEûAGAINûATû
MK17.71.
Airtel Malawi’s listing brings the total
number of listed stocks in the country to 15.
Standard Bank was bookrunner.SWEDEN
COLLECTOR SETS TERMS FOR SKr1bn
RIGHTS ISSUECOLLECTOR BANK has set terms for its
SKr1.03bn (US$103.8m) rights issue.
Shares will be issued on a one-for-one
basis, leading to 102.7m issued at SKr10
each.
The company’s major shareholders are
backing the fundraising with 72% of the
deal spoken for. Fastighets AB Balder,
Strategiq Capital, Collector chairman Lena
Apler and Balder CEO and Collector vice-
chairman Erik Selin have subscribed to
their pro rata shares. The latter three
shareholders have also agreed to cover the
rest of the rights issue meaning it is fully
underwritten.
Pricing of SKr10 per share represents a
49.5% discount to TERP of SKr19.80, based
on Collector’s closing price of SKr25.90 on
February 24 before the terms were
announced.
Subscription will run from March 5 to 19
with rights trading until March 17. The
record date is March 3. A result will be
posted on March 24.
Collector’s share price closed on Tuesday
at SKr29.55, but fell further towards the end
of the week and was trading at SKr26.10 last
Friday at 11am.The company announced plans for the
rights issue in January and shares are down
42% for the year to-date.
SEB ISûlNANCIALûADVISERûONûTHEûRIGHTSûISSUEUK
ASTON MARTIN LAUNCHES RIGHTS ISSUE
AS LOSSES DEEPENASTON MARTIN LAGONDA set the terms for a
£317.2m rights issue last Thursday as it
revealed a 9% drop in annual revenue to
£997.3m and 46% fall in adjusted Ebitda to
£134.2m.
The rights issue forms the bulk of a
£500m bail-out of the struggling carmaker
announced at the end of January, but the
commitments of existing shareholders and
the incoming Lawrence Stroll-led
consortium means it is now a relatively low-
risk transaction.
Canadian billionaire Stroll is leading the
rescue deal with a consortium of investors
who will collectively pour £182.4m into the
company through a placing representing a
20% capital increase in advance of the rights
issue. Stroll and co will buy 45.6m shares at
400p in the placing and exercise all of its
rights.
Other shareholders are also reinvesting –
some at a fraction of the £19 where they
sold shares in the October 2018 IPO.
Prestige/Strategic European Investment
Group, Adeem/Primewagon, Yew Tree
(Stroll’s group), Mercedes Benz, and Torreal
will support the deal. All bar Adeem/
Primewagon will exercise 100% of their
rights.
Adeem/Primewagon will exercise 39% of
its rights, having previously said 50%. The
remainder of its rights will be taken up by
the consortium led by Stroll, which, after
the placing and rights issue will have put
around £280m into Aston.
The commitments represent 70.5% of the
rights issue.
The rights issue will see 153.2m new
shares issued at 207p each on a 14-for-25
basis. Pricing represents a 36.3% discount
to TERP, based on Wednesday’s close of
391p.
Morgan Stanley, Deutsche Bank and JP Morgan
are bookrunners on the rights issue with
underwriting of £93.6m. The underwriting
fee is 275bp. Sub-underwriting took place
on Thursday.
As well as delivering the turnaround of
the company’s performance, Aston said the
rights issue would improve liquidity and
HELPûlNANCEûTHEûRAMP
UPûINûPRODUCTIONûOFû
its DBX SUV.
The record date is February 27 and the
fundraising is subject to shareholderapproval – which is a formality – at a general
meeting on March 16. Subscription runs
March 18– April 1, with a rump placing the
following day.
Shares in Aston Martin closed down 9%
last Thursday at 355.8p. By last Friday at
11am they were down a further 9.5% at 322p
each, albeit against wider market falls.
The cash injection comes around a year
ANDûAûHALFûAFTERû!STONûmOATEDûINû,ONDON ûINû
an IPO that valued the company at £4.33bn.
The company’s market cap has since fallen
to about £800m.
Aston also announced the departure of
CFO Mark Wilson on Thursday.HIPGNOSIS SONGS FUND MULLS FURTHER
FUNDRAISINGHIPGNOSIS SONGS FUND is considering a capital
raise to fund further investments, after
spending 95% of the proceeds from a£231m
fundraising in October.
Hipgnosis sold 231m C shares at 100p
each. Before that, it raised £51.1m in August
and £141.5m in April.
Hipgnosis has been on a shopping spree
for the past year, and has bought 11 music
catalogues since the start of December.
The acquisitions saw Hipgnosis take
ownership of the copyright to songs such as
“Moves Like Jagger” by Maroon 5 and Ed
Sheeran’s “Shape Of You” - the most
streamed song of all time.
JP Morgan and N+1 Singer are corporate
brokers for Hipgnosis and ran the October
placing.
The fund has bought 30 music catalogues
SINCEûITûmOATEDûINû*ULYûûINûAûaMû
IPO. It aims to pay a 5p annual dividend.
Shares in Hipgnosis dropped a penny in
response to the plan to 106p on Wednesday
and closed the week at 105p.JLEN ENVIRONMENTAL FUND PLACING
IN DEMANDJLEN ENVIRONMENTAL ASSETS GROUP raised
£57.2m in fresh capital in a placing that
wrapped up on Thursday.
Proceeds will be used to reduce the drawn
amount on its revolving credit facility.
A result was posted on Thursday after the
placing launched on February 11.
A total of 49.7m shares were sold at 115p
each, a 10% increase in the company’s share
capital. JLEN said the placing was
SIGNIlCANTLYûOVERSUBSCRIBEDû
7INTERmOODûran the placing.
JLEN invests in environmental
infrastructure projects including renewable
energy generation, water treatment and
supply, and waste processing.
JLEN has drawn £69.8m from its revolver
with €25m of further outstanding78 International Financing Review February 29 2020EMEA EQUITIES
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4cr1 Credit Suisse 5 2,829.31 14.5
2 Barclays 10 1,464.78 7.5
3 JP Morgan 11 1,456.06 7.5
4 Morgan Stanley 9 1,382.41 7.1
5 Goldman Sachs 10 1,370.92 7.0
6 Citigroup 11 1,286.11 6.6
7 UBS 5 1,285.78 6.6
8 BofA 4 1,039.05 5.3
9 Jefferies 4 873.90 4.5
10 BNP Paribas 5 585.17 3.0
Total 124 19,482.2910 IFR Equities and SE 2322 p 73 - 86 .indd 78 28 / 02 / 2020 19 : 13 : 56