Outokumpu (OMX:OUT1V) decided on a 1 billion Euro fully underwritten share issue with pre-emptive rights for existing shareholders to finance the short term needs related to Inoxum acquisition. The share is trading ex-rights starting from today. One existing share gave a subscription right to subscribe for seven new shares at a subscription price of 0.79 € per share.
The number of shares will grow from 183,018,749 to maximum of 1,457,038,776. This means that the offer shares will represent 87.4% of all shares in Outokumpu. Based on yesterday’s closing of 5.06 Euros per share, the theoretical value of an existing share would be around 1.32 Euros ((5.06+0.79*7)/8), which is where the stock opened at. It has since climbed to 1.42 handle.
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