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rights issue

November 30, 2010

Porsche Automobile Holding SE, the family-controlled parent company of the carmaker Porsche, announced 29 November that it has returned to profit for the first three months of its fiscal year.

Porsche Automobile Holding SE, the family-controlled parent company of the carmaker Porsche, announced 29 November that it has returned to profit for the first three months of its fiscal year.

In a statement, Porsche said it has generated a net profit of €155 million for the three months from 1 August 2010, compared with a loss of €413 million for the same period in 2009. 

November 29, 2010

Porsche, the family-controlled car company, is hoping to gain approval for a €5 billion rights issue at its annual general meeting held 30 November.

Porsche, the family-controlled car company, is hoping to gain approval for a €5 billion rights issue at its annual general meeting held 30 November.

The rights issue is aimed at cutting the company's huge debt pile in order to smooth the way for the next stages of its merger with Volkswagen, the carmaker that is controlled by a rival branch of the founding Porsche family.

September 29, 2010

Michelin, the family-controlled tyremaker, announced 28 September it was launching a right issue intended to raise around €1.2 billion.

Michelin, the family-controlled tyremaker, announced 28 September it was launching a right issue intended to raise around €1.2 billion.

In a statement, the France-based group said shareholders will be offered two new shares for every 11 existing shares at a preferential rate of €45 per share. It went on to say the money raised would be used to finance growth, enhance the company's credit rating and generally reinforce its financial flexibility.

December 17, 2009

The O’Reilly family, the majority shareholder in Ireland-based publishers Independent News and Media, has seen its stake fall from 28.5% to 15% in a rights issue on Tuesday.

The O'Reilly family, the majority shareholder in Ireland-based publishers Independent News and Media, has seen its stake fall from 28.5% to 15% in a rights issue on Tuesday. 

A majority of shareholders did subscribe to the rights issue, which raised the debt-laden publishing group €90.2 million.

December 16, 2009

The Cosmen family, the largest shareholder in the indebted UK-transport group National Express, did participate in the company’s rights issue on Tuesday despite campaigning against it for the last two months.

The Cosmen family, the largest shareholder in the indebted UK-transport group National Express, did participate in the company's rights issue on Tuesday despite campaigning against it for the last two months.

The Spanish-based family spent £74 million on shares ensuring their majority stake was not diluted by the rights issue, which is intended to ease the debt burden on the transport company.

December 3, 2009

Jorge Cosmen is not stupid – or so one would presume, given that he is a leading representative of one of Spain’s most successful business families. But his attempts to put his family at the heart of the UK transport industry have exposed the difficulties in dealing with listed companies.

Jorge Cosmen is not stupid – or so one would presume, given that he is a leading representative of one of Spain's most successful business families. But his attempts to put his family at the heart of the UK transport industry have exposed the difficulties in dealing with listed companies.

The family, which traces its involvement in the transport business back to 1728, built up the largest bus service in Spain and operates successful transport companies in China and South America.

November 27, 2009

The Cosmen family, the largest shareholders in the indebted UK transport group National Express, failed to gain enough support to prevent a £360 million rights issue, which was given the go-ahead today.

The Cosmen family, the largest shareholders in the indebted UK transport group National Express, failed to gain enough support to prevent a £360 million rights issue, which was given the go-ahead today. 

At an extraordinary general meeting of shareholders held in London this morning, 66.8% voted in favour of the rights issue, which required at least 50% support to be passed.

November 24, 2009

The Cosmen family, the largest shareholder in the indebted UK transport group National Express, has increased its stake in the company to just under 20%.

The Cosmen family, the largest shareholder in the indebted UK transport group National Express, has increased its stake in the company to just under 20%.
 
Last night the family bought an additional 750,000 shares, increasing its holding to 19.5%. A family spokesperson said it intended to show the family is "committed and long-term shareholders in National Express."

November 11, 2009

National Express, the indebted UK-transport company, announced this morning it is to proceed with a £360 million rights issue despite a lack of support for the move from the group’s largest shareholder, the Cosmen family.

National Express, the indebted UK-transport company, announced this morning it is to proceed with a £360 million rights issue despite a lack of support for the move from the group's largest shareholder, the Cosmen family.

In a statement released this morning, National Express said it was struggling with debts of approximately £1.1 billion and it hoped to use the proceeds of the rights issue to reduce debt to a more manageable level.

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