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Nexans SA Launches EUR 284 million Rights Offering


Tuesday, 15 Oct 2013 02:19am EDT 

Nexans SA announced the launch of a share capital increase with preferential subscription rights of existing shareholders for a gross amount of approximately EUR 284 million. Each shareholder of Nexans SA will receive one preferential subscription right for every share it holds. The subscription price for the new shares has been set at EUR 22.50 per share on the basis of 3 new shares for 7 existing shares, 7 rights enabling to subscribe 3 new shares. The subscription price represents a 47.0% discount to the closing price of Nexans SA's shares on October 14, 2013 and a 38.3% discount to the theoretical ex-right price (TERP). 12,612,942 new shares will be issued (before the potential exercise of any stock options) if the issue is fully subscribed. The total amount of the rights offering could be increased to approximately EUR 293 million with the issue of 412,590 additional new shares in case of the exercise of all the rights attached to the shares that can be issued if all exercisable stock options granted by Nexans SA are exercised from October 14, 2013 to October 22, 2013 (included). Subscriptions subject to reduction will be accepted but remain subject to reduction in the event of oversubscription. Any new shares not subscribed by subscriptions by irrevocable right will be distributed and allocated to the holders having subscribed on a reducible basis. The offer will be open to the public only in France. 

Company Quote

25.065
-0.18 -0.71%
11:35am EST