Hallenstein rights issue at 170c
Hallenstein Bros, Ltd, mens’ and boyswear national retailer intends to make a one-for-five cash issue of ordinary 100 c shares at a premium of 70c a share. The full amount of 170 c a share will be payable by June 13. The issue will be made to shareholders registered on April 29. The new shares qualify in full for the final dividend for the year to June 30.
Capital raised by the issue will amount to SI.IM, and it will be used to fund development, and the continued growth of the company, the directors say. They believe that the current annual dividend rate of 18 per cent can be maintained on the increased capital. At the current market price of 250 c, the theoretical value of the rights to the new issue would be about 66.5 c, and the shares should average down to about 236.5 c once they become ex-rights.
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Press, 10 April 1980, Page 22
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156Hallenstein rights issue at 170c Press, 10 April 1980, Page 22
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