Summary
BANKERS representing Wolseley, the world's biggest plumbing equipment supplier, were today getting ready to place the rump of its recent Pounds 1 billion rights issue and placing.
Wolseley, which last month saw its shares slump to an 18-year low, raised Pounds 270 million by way of a placing of 225 million new shares at a heavily discounted 120p. Following a subsequent share consolidation, it then raised a further Pounds 781 million by way of an 11-for-five rights issue at the equivalent of 40p. Today the nil-paid went fully paid with the price responding with a jump of 79p at 1264p.See the full content of this document
Extract
A Lift for Wolseley As Rump Is Placed
At the same time, UBS has raised its rating from neutral to buy because it reckons the shares are starting to look cheap. ...
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