America (8.5%), Commerzbank (6.5%), Morgan
Stanley (4.5%), Citigroup (3.8%), Erste Group (3%)
and Deutsche Bank (2.5%).
Erste is lead manager while the rest of the
banks are bookrunners, even though
Deutsche has less underwriting.
The company expects to pay SFr63m to the
underwriters, with the prospectus noting fees
include a performance-based element and an
additional payment for the global coordinators.NORWAY
BW ENERGY BURNS THROUGH
GREENSHOEOil and gas company BW ENERGY announced
that it had burnt through the whole of its
15% secondary greenshoe on Thursday,
which marked the end of its stabilisation
period.
This comes as no surprise given that the
stock closed down 1% at NKr24.40 on its
February 19 debut and has only closed once
ABOVEûWATER ûlNISHINGûONû4HURSDAYûATû
NKr8.006, or 67% below issue price.
A total of 7m greenshoe shares were
bought at an average price of NKr18.6059.
Shares in BW Energy were 3.24% higher
just before 3pm in London on Friday,
trading at about NKr8.265 each.
DNB Markets and Pareto were bookrunners,
with Arctic Securities, Danske Bank, Nordea Bank
and Swedbank/Kepler Cheuvreux as co-
managers.SWEDEN
COLLECTOR COMES CLOSE IN FINAL DAYSShares in COLLECTOR BANK dropped to an
intraday low of SKr10.70 on Tuesday, within
touching distance of the SKr10 pricing for
its SKr1.027bn (US$105m) rights issue,
subscription for which closed on Thursday.
A result is due on Tuesday, March 24.
A rally allowed for a more comfortable
SKr11.58 Tuesday close, with the stock up
further to SKr13.38 by the Thursday close.
Terms had been set from a February 24
close of SKr25.90.
Existing shareholders are backing the
fundraising, with Fastighets AB Balder,
Strategiq Capital, Collector chairman Lena
Apler and Balder CEO and Collector vice-
chairman Erik Selin committing to subscribe
for their pro rata shares, representing 72% of
the pre-money share capital. The latter three
will cover any shortfall in take-up.
The capital increase comprises 102.7m
shares offered on a 1-for-1 basis at SKr10
each.
SEB is advising.SWITZERLAND
STOFFEL TAKES HEAVY 16.5% DISCOUNT
FOR VIFOR PHARMA SALEAt just 3.53% down on Monday, shares in
3WITZERLANDSûVIFOR PHARMA got off relatively
lightly compared to much of the day’s
market carnage. Even so, Remo Stoffel’s
holding company Priora Suisse was a
motivated seller and swallowed a heavy
16.5% discount for its sale of 2m shares after
the close.
Priora Suisse’s 12% position was collateral
on margin loans, though Stoffel was not
forced to sell stock. The sale represented a
quarter of his holding.
A private sale in Vifor the previous week
complicated matters, largely because of the
reduced appetite of the handful of hedge
funds that participated in the earlier trade,
the natural buyers for Monday’s offering.
A wall-cross during the day provided
enough indications of interest to cover the
shares on offer, representing around seven
days’ trading and 3% of existing share
capital.
Pricing came at SFr96 each, a wide
DISCOUNTûGIVENûTHEûSIZEûOFûTHEûSALEûBUTûTHATû
was the cost of an extreme market
environment, said a banker involved. It also
took into account how recently stock had
been available with last week’s private sale
pricing higher.
The book was more than twice covered,
with around half of the deal going to long-
only and non-institutional anchor investors.
There is no lock-up on the stock, with the
SELLERûRETAININGûAûSIGNIlCANTûSTAKEûTHATûISû
still collateral for margin loans.
Despite opening above the Monday close
at SFr115.80, the stock was down nearly 15%
in early trading on Tuesday but had pulled
back to SFr100.50 by the close. On Friday
afternoon, the shares were trading at
SFr118.40, up 7.64% on the day.
Goldman Sachs was sole bookrunner.UK
NINETY ONE SHARES RISE IN
LONDON AFTER LISTINGInvestec listed its asset management arm
NINETY ONE by introduction in London and
Johannesburg on Monday, after throwing in
the towel the previous week on raising
money from a 10% IPO.
Shares debuted on the London Stock
Exchange at 135p for an initial market
capitalisation of £840.5m. Against a volatile
backdrop, the shares moved swiftly above
150p, fell back to around 140p for much ofthe morning then climbed as the afternoon
WENTûONûTOûlNISHûATûPûFORûAûaMû
valuation.
Investec had been targeting a much
higher valuation in the IPO. The company
had set a range of 190p–235p per share for a
market capitalisation of £1.75bn–£2.17bn.
On Friday afternoon, Ninety One shares
were up more than 9.5% on the day at
P ûHAVINGûlNISHEDûBELOWûTHEûINITIALû
debut on Thursday at 133p.
The Johannesburg line also spent much of
the day on the rise, but only after a dramatic
early fall, opening at R50 and dropping by
more than half to R22.60 after around an
hour. By the close, that had improved to
R32.90. On Friday afternoon, the shares
were down 1.6% on the day at R29.57.
Trading was very light on both lines on
debut, representing a tiny fraction of the
shares listed. Investec has distributed to its
shareholders stock representing 55% of
Ninety One. Having cancelled the sale of a
further 10% through the IPO, Investec is left
with a 25% holding.
JP Morgan is sponsor, having been sole
global coordinator and joint bookrunner
with Bank of America and Investec on the
abandoned 10% sale and adviser alongside
Fenchurch Advisory.
The spin-off was expected to have
provided Investec with proceeds of up to
£226m.SHAREHOLDERS AND HEDGE FUNDS
SUB-UNDERWRITE ASTON MARTINASTON MARTIN LAGONDA successfully kept
Canadian billionaire Lawrence Stroll on
board as the anchor investor in its rescue
fundraising despite the company’s
worsening position, but by revising the
transaction the luxury carmaker will have to
secure more funds away from Stroll and its
major shareholders.
Aston Martin was left with little choice
but to revise the terms of its £500m
fundraising late on March 13 with its shares
below the issue price for its £317.2m rights
issue before subscription had even begun.
The Stroll-led consortium had agreed to
invest £182.4m through a placing at 400p
per share, while the stock closed on Friday
March 13 at 206p, a penny below the rights
issue price. The total investment planned by
the consortium was about £280m.
4HEûREVISEDûlNANCINGûPACKAGEûTOTALSû
£536m, with the rights issue chipping in
£365m. Again, major shareholders have
committed to support the deal in whole or
INûPARTû4HEûMOSTûSIGNIlCANTûNUMBERûISûTHATû
the underwritten portion of the rights issue
rises to £152m from £93.6m.
Aston Martin is offering 1.21bn shares on
a heavy 4-for-1 basis at 30p, a massive 55.1%International Financing Review March 21 2020 77EQUITIES EMEA10 IFR Equities and SE 2325 p 73 - 81 .indd 77 20 / 03 / 2020 19 : 37 : 35