ADVEO SATISFIED WITH CAPITAL INCREASE
European office products wholesaler ADVEO has told OPI that it was satisfied with its recent capital increase despite falling way short of its original target.
European office products wholesaler ADVEO has told OPI that it was satisfied with its recent capital increase despite falling way short of its original target.
ADVEO had been hoping to raise up to €60 million ($67 million) to fund its 2016-2019 business plan, but the final amount came in at under half that, at around €27.6 million.
The wholesaler told OPI that it believed turbulence in the financial markets, including the effects of the recent Brexit decision, was a major reason for the capital increase being under-subscribed.
However, the company said that it was not disappointed with the outcome: “We are satisfied because this figure will enable us to execute the business plan,” an ADVEO spokesperson told OPI.
Whether the plan will now be carried out exactly as planned remains to be seen – ADVEO said that there may be some variations, but that any changes would be “minimal” and it was too early to be more specific until the plan was implemented.
Following a few days of regulatory formalities, new ADVEO shares – about 8.5 million – related to the capital increase are expected to be issued on the Madrid stock market at the end of this week.
Autor: Andy Braithwaite, 18 July 2016
Źródło: http://www.opi.net