France’s SCOR Group announced that the subscription period for the preferential rights related to its capital increase came to an end on Wednesday. The company raised an estimated 381million Euros ($387 million).
The offer was not registered, nor were any sales made, in the U.S., Japan, Canada or Australia.
SCOR said that, due to French financial regulations, “the final subscription result will not be available until December 27, 2002. Settlement and listing of the new shares is planned for December 31, 2002.” The company will officially announce the results in a press bulletin.
It also announced that it had raised an additional 14.7 million Euros ($14.94 million) through the sale of 3.7 million subscription rights attached to its treasury shares, which will also be part of its capital increase.
Chairman and CEO Denis Kessler, commented that “The shareowners and investors mentioned in the note d’opération have participated in the offer at the levels indicated in their commitments. Several international institutional investors, some of which were already significant shareowners, have also informed the company that they have subscribed to the offer.”
“The progression of the market prices of both the SCOR shares and the preferential subscription rights during the subscription period also indicates that the transaction has been well received by the market and allows us to anticipate a successful take up,” he continued.
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