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Shareholders are being offered one open-offer unit priced at €25 for every 2,121 existing shares. In addition, they will get one convertible preference share. Advisers say the offer is equivalent to between 0.1 cents and 0.06 cents per ordinary share, depending on the value of the preference share. But they say it represents a large discount to the current share price of 0.6 cents.
Sir Anthony, chairman, and Mr Goulandris have agreed to subscribe in full for €60m. Corporate Partners II, a private equity fund of Lazard Alternative Investments, which invested €50m last December, is subscribing for €15m.
If the company’s 27,000 shareholders take up their rights, the issue will raise €101.7m.
A share placing managed by JPMorgan Cazenove, Lazard and Davy – an Irish stockbroker – will also raise up to €78.7m to make up the balance.
The company will use the proceeds to “accelerate and extend” its cost-cutting programme, and finance additional marketing initiatives.
Sir Anthony and Mr Goulandris have invested an estimated €300m in the past couple of years, trying to keep the company afloat in the face of falling sales for its crystal and china brands.
Sir Anthony said: “I am supporting this equity issuance because it marks the beginning of the new Waterford Wedgwood.”
David Sculley, chief executive, said the fund-raising “will secure compliance” with its bankers and provide short-term liquidity.
The company said the issue would give the new management funds in the busy run up to Christmas.
Revenue in the year to March 31 was down 9.4 per cent at €672m, with earnings before interest, tax, depreciation and amortisation recording a loss of €31.6m, compared with an ebitda profit in 2007 of €15m.