That is, while there is a positive relation between the sequence of equity issue
and the amount raised, there is no significant difference in offer size relative to firm size between the initial two equity issues
and subsequent equity issues
Figure 2 shows the cumulated average abnormal return for the sample of foreign equity issue
Similar to other studies that examine the short-term consensus of analyst forecasts (Chung and Jo, 1996), we use the standard deviation of analysts' earnings forecasts normalized by the price of the firm's equity at the close of the year prior to the announcement of the equity issue
. This standardization facilitates comparisons of the consensus results across the sample.
From our two sources, we collected information on ownership structure immediately prior to the announcement date for the equity issue
"The conditional equity issue
, which is intended to follow a successful CVA, would recapitalise the group and we believe provide the necessary funds to accelerate its turnaround and address the competitive threat from a position of financial strength."
Investor confidence should be increased by the funding security provided by the new equity issue
and the presence of Woodford on the share register.
The TND20m new equity was raised via the Tunis Stock Exchange (TND10m) and the equity sponsor, Tuninvest (TND10m), as opposed to the original plan of funding the equity issue
with bank debt raised at Servicom Holding SA level.
Alitalia's second-largest shareholder, Italy's Riva group, may not be allowed to participate in the equity issue
. Riva's Italian assets have been frozen following a judicial probe over alleged corruption and violation of environmental standards.
Torm is now struggling to raise USD100m in an equity issue
, whose execution now begins to seem doubtful, Dagbladet Borsen said.
PTTEP chief executive Anon Sirisaengtaksin told Reuters that requests to study a possible equity issue
had been sent to several domestic and foreign banks but he declined to confirm the size of the capital-raising plan.
State Bank of India (SBI) (SBIN.NS) (500112.BO) (OTC: SBKJY), India's largest bank by assets, is planning to launch its INR200bn (USD4.5bn) rights equity issue
in the fiscal year starting April, 2011, according to an IB times report, citing the bank's chairman, OP Bhatt.
said Thursday it will raise 100 billion yen through a private equity issue
in March to increase reserves for customer claims for overcharged interest payments on cash advances.