DS Smith, the recycled packaging company, has completed a successful rights issue, raising the money it needs to pay for its purchase of Swedish firm SCA Packaging.
By the deadline at 11:00 yesterday it had received acceptances for 98.61% of the offered shares in the nine-for-eight cash raising exercise.
Today its underwriters, J.P. Morgan, has managed to sell the outstanding 1.39% of the offer.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The total cash raised will be around £466m, which, along with loans, will pay for the SCA transaction.
DS Smith shares have risen 4% this morning. They are down 15% since February 2011.
BS
