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STOCKS NEWS EUROPE-Tiscali drops; capital hike price set

Tue Jun 23, 2009 4:19am EDT

Stocks

   

Shares in Italian Internet company Tiscali SpA (TIS.MI) are suspended limit down, indicating a fall of 15 percent at 0.28 euro, after it set a 0.01 euro price for new shares in a planned capital increase.

A Milan analyst says the price announced on Monday is "extremely low" and is likely to prompt "anomalous" trading like that seen with a deeply discounted rights issue at directories publisher Seat Pagine Gialle (PGIT.MI).

In addition, Tiscali has taken the unusual step of announcing the price for its capital increase ahead of fixing the date the issue will run. The move is also ahead of an extraordinary Tiscali shareholder meeting on the company's finances.

A second broker says the price is lower than expected and this is weighing on the stock.

For more double click on [ID:nLM79978]

Reuters Messaging rm://nigel.tutt.reuters.com@reuters.net


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