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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Private Placement CT Holdings

Private Placement CT Holdings

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1Private Placement CT Holdings Empty Private Placement CT Holdings Thu Mar 03, 2011 1:40 pm

sasl

sasl
Equity Analytic
Equity Analytic
CT Holdings is to raise 2.65 billion rupees through a private placement with foreign funds and a rights issue to invest in leisure and real estate and repay debt, a statement said.

The group, previously known as Ceylon Theatres, will raise two billion rupees through a private placement of its shares at 210 rupees each with several UK-based funds.
It will place two million shares with the UK Ruffer Pacific Fund, 4.3 million shares with CF Ruffer Total Return Fund and almost 3.35 million shares with CF Ruffer Absolute Return Fund, the CT group said in a stock exchange filing.

The funds are managed by Ruffer LLP, a UK-based asset manager, which looks after investments for private clients, trusts, charities and pension funds.

At the same time, CT Holdings said it plans to make a rights issue of just over three million shares at 210 rupees each in the proportion of one share for 55 shares held by existing shareholders to raise 650 million rupees.

The investors in the private placement would not be eligible for the rights issue.

CT Holdings' stated capital as at December 31, 2010 was 516.9 million rupees consisting of 170.3 million ordinary shares.


"The objectives of the private placement and rights issue are to fund real estate and leisure projects of the group and strengthening of the balance sheet through repayment of debt," the statement said.

http://www.lankabusinessonline.com/fullstory.php?nid=711199760



Last edited by sasl on Thu Mar 03, 2011 1:49 pm; edited 1 time in total (Reason for editing : inseted link)

2Private Placement CT Holdings Empty Re: Private Placement CT Holdings Thu Mar 03, 2011 1:42 pm

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics
So it seems that there is little difference between CSF, DPL, GREG and CTHR. How disapointing.

3Private Placement CT Holdings Empty Re: Private Placement CT Holdings Thu Mar 03, 2011 1:55 pm

sasl

sasl
Equity Analytic
Equity Analytic
http://www.cse.lk/cmt/upload_cse_announcements/1211299131782_.pdf

4Private Placement CT Holdings Empty Re: Private Placement CT Holdings Thu Mar 03, 2011 10:13 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
Is CT Holdings wanted the existing small shareholders to not to take up the rights?

5Private Placement CT Holdings Empty Re: Private Placement CT Holdings Thu Mar 03, 2011 10:27 pm

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics
@Gaja wrote:Is CT Holdings wanted the existing small shareholders to not to take up the rights?

This is a kick in the teeth for the minority shareholders.

6Private Placement CT Holdings Empty Re: Private Placement CT Holdings Thu Mar 03, 2011 10:42 pm

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
look guys it's 1:55 rights issue. there is hardly any dilution here.

7Private Placement CT Holdings Empty Re: Private Placement CT Holdings Thu Mar 03, 2011 10:44 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@mono wrote:look guys it's 1:55 rights issue. there is hardly any dilution here.

Whether the price is really worth? I think they decided to issue at this price may be to justify the Private Placements, anyway these UK Funds have any connections with the Largest Share Holder of C T Holdings

8Private Placement CT Holdings Empty Re: Private Placement CT Holdings Fri Mar 04, 2011 5:55 am

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics
@mono wrote:look guys it's 1:55 rights issue. there is hardly any dilution here.
Isn't that exactly what they want you to believe. Mono they are offering 9 million shares in the private placement. Only 3 million shares are being issued through rights.

9Private Placement CT Holdings Empty Re: Private Placement CT Holdings Fri Mar 04, 2011 8:56 am

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
@tubal wrote:
@mono wrote:look guys it's 1:55 rights issue. there is hardly any dilution here.
Isn't that exactly what they want you to believe. Mono they are offering 9 million shares in the private placement. Only 3 million shares are being issued through rights.

yeah but that's like 5% of the total shares issued. I really don't see any substantial dilution here.

10Private Placement CT Holdings Empty Re: Private Placement CT Holdings Fri Mar 04, 2011 9:02 am

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics
@mono wrote:
@tubal wrote:
@mono wrote:look guys it's 1:55 rights issue. there is hardly any dilution here.
Isn't that exactly what they want you to believe. Mono they are offering 9 million shares in the private placement. Only 3 million shares are being issued through rights.

yeah but that's like 5% of the total shares issued. I really don't see any substantial dilution here.

It's still setting a bad precedent. Till now respected companies like CT group have avoided this route. At what percentage does a private placement of a listed company become unacceptable 5% , 10% , 50% ?

The proper way to have done this is to have announced a rights issue and asked those investors to underwrite the issue.

Heck if it's just 5% there is absolutely no reason that they couldn't have asked the existing shareholders to subscribe to it by making the price more attractive.

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