Equiniti Details Rights Issue Terms to Fund Acquisition
September 12 2017 - 4:25AM
Dow Jones News
By Carlo Martuscelli
Equiniti Group PLC (EQN.LN) on Tuesday set out the terms of a
122 million pound ($161 million) rights issue to fund its
previously announced acquisition of Wells Fargo Share Registration
& Services.
The software provider is offering 64.3 million new shares at 190
pence each to shareholders on a 3-for-14 basis, giving shareholders
the opportunity to buy three for every 14 held. The issue price is
a 36% discount to Monday's closing share price of 297.1 pence.
Equiniti announced in July that it was buying Wells Fargo Share
Registration & Services for $277 million and would partly fund
the deal with a rights issue. The rest of the money will be funded
through GBP120 million of debt facilities.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
September 12, 2017 04:10 ET (08:10 GMT)
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