Rights is­sue to pay for X-track­ers

Finweek English Edition - - MARKETPLACE -

Syg­nia has re­ceived ap­proval from the rel­e­vant au­thor­i­ties to pur­chase Deutsche Bank (DB) X-track­ers and will now need to do a rights is­sue for the R325m pur­chase price. As I write this on 19 June, the de­tails have not yet been an­nounced, but as the mar­ket cap of Syg­nia is al­most five times the price be­ing paid we’ll likely see a take-up price of around 900c to 1 000c (10% to 20% dis­count), with some 20 to 25 new shares for ev­ery 100 held.

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