| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: EQUITY INVESTMENT INSTRUMENTS |
Strong backing for SVG placing |
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Fri 19 Dec 2008
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LONDON (SHARECAST) - Investment company SVG Capital said that 70m new ordinary SVG shares have been conditionally placed at a price of 100p each.
The placing is part of the fund-raising announced on Thursday and the £70m raised from it will supplement the funds being raised from a £139m rights issue.
The amount raised from the placing is at the top end of the range of the company’s expectations.
The company’s balance sheet has been weakened by the decline in the value of its investment portfolio. On Thursday the company announced it is taking a provision of 40% against the value of its investment portfolio as at 30 June 2008.
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