PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

SVG Capital says 53 per cent of rights issue taken up

Listed private equity fund of funds manager SVG Capital has announced that 53 per cent of the rights issue it announced in December has been taken up by shareholders.

Listed private equity fund of funds manager SVG Capital has announced that 53 per cent of the rights issue it announced in December has been taken up by shareholders.

It will seek investors for the around one-third of the issue, totalling GBP39m, that remains unallocated.

SVG Capital says it has received valid acceptances in respect of 73,979,932 rights issue shares, representing approximately 53.20 per cent of the total of 139,069,901 shares offered in a one-for-one issue, which was announced on 18 December and closed last Friday.

JPMorgan Cazenove has procured sub-underwriting commitments for an additional 26,020,068 rights issue shares from existing shareholders.

When taken together with the valid acceptances received in respect of 73,979,932 rights issue shares described above, such acceptances and sub-underwriting commitments together are in respect of a total of 100,000,000 rights issue shares at the rights issue price of 100 pence per share.

In addition, JPMorgan Cazenove will be seeking to procure subscribers for the remaining 39,069,901 rights issue shares for which valid acceptances were not received (and which are not underwritten).

Any premium over the aggregate of the rights issue price of 100 pence per rights issue share and the expenses of procuring subscribers (including any applicable brokerage and commissions and amounts in respect of VAT which is not recoverable) will be paid to shareholders that have not taken up their entitlements pro rata to the relevant lapsed provisional allotments, save that any such premium which is of an amount less than GBP5 will not be paid to such persons but will be held for the benefit of and paid to SVG Capital.

Nicholas Ferguson, chairman, says: ‘We are very pleased with the support shown by our shareholders for this rights issue which, together with our recent institutional GBP70m placing, has raised GBP170m to date and puts the company on a much sounder financial footing in these challenging times. With our balance sheet strengthened significantly we can move forward in order to maximise returns for our shareholders. We will be announcing our results for the year ended 31 December 2008 on Thursday 5 March.’

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured