Good Afternoon ,
Well the long awaited next steps in the Independent News and Media saga wee unveiled today It is not clear whether the agreement with the ad hoc group of bondholders will be accepted by the majority or Denis O'Brien but the proposal involves a 46% dilution with the equitisation of bonds and then a subsequent rights issue to raise Eur94m. These numbers are all within the ballpark of what had been speculated but the market reacted badly The Banks appear to be supporting this solution. But Denis O'Brien has yet to declare his hand. Bondholders are to accept 723m shares in return for writing off €123m of the €200m bond that fell due in May. The balance owed to Bond holders along with unpaid interest, will be paid with a deep discounted €94m rights issue at 5c that the banks will underwrite.
The markets were again range bound but the profit taking impetus seems to have turned to just an absence of aggressive buyers with sellers looking to have sort of dried up.
Not much more to say….tight ranges in thin volume,,, one of those days…
September drags to a weary end…
Have a good evening…
Liam
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Liam Boggan
Merrion Stockbrokers
Tel.: 353-1-2404171
Mob:353-87-2313505
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