Axiare Raises €93M Through Accelerated Capital Increase

10 March 2017 – Expansión

Axiare has completed a capital increase amounting to €93 million, through the accelerated placement of 7.18 million new shares, which represent almost 10% of its share capital.

The operation was performed at an issue price of €13 per share, which represents a discount of 2.6% on the market price at the end of trading on Tuesday. Axiare’s share price fell by 1.27% on Wednesday to €13.18 per share.

The company has said that it will use the funds raised to continue investing. Axiare has identified investment opportunities amounting to more than €1,100 million, of which deals amounting to €400 million are in “advanced stages of execution”.

“The placement has been performed amongst a solid base of qualifying investors and international institutions, including current shareholders as well as new investors. This has allowed Axiare to diversify its shareholder base, improve its free float and increase the liquidity of its shares.

Currently, Axiare’s largest shareholder is Colonial, with a 15% stake, followed by T.Rowe Price (9.7%) and Citigroup (9.2%). Following this operation, those shareholders may see a dilution in their stakes.

Original story: Expansión (by R.Arroyo)

Translation: Carmel Drake

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