HMN Placing Results Neutral
HAMMERSON PLC - Results of placing
Hammerson Plc
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What this filing means
Hammerson has closed its £189m equity placing at 355p per share (3.8% discount), raising gross proceeds of £189m and net proceeds of £185m to part-fund the acquisition of a 50% stake in Manchester Arndale. The placing, retail offer and director subscription together represent approximately 10% dilution of existing share capital. Three directors subscribed £230k at the placing price and SARB has approved the JSE inward listing. The terms are clean and the demand absorbed the full size without me…
Bull case
- CEO cites 'strong support received' for the £189m raise, and the modest 3.8% placing discount indicates demand absorbed the full size at disciplined pricing.
- CEO Wilkinson, CFO Raja and a non-executive director subscribed personally, aligning senior management with shareholders at the placing price.
Bear case
- Aggregate issuance of 53,163,160 New Ordinary Shares at a 3.8% discount represents c.10% dilution, structurally transferring value from non-participating holders to placees.
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