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Isagro issues share offer

Italian agrochemical company Isagro (Milan) is issuing shares in order to raise some €29 million ($40 million at the current rate) following the deal with US company Gowan last year (Agrow No 674, p 5). The company has issued its demands for the completion of transactions. It is to raise an indivisible capital increase paid in cash for a maximum €29.5 million ($41 million) through the issue of ordinary and new category “growth shares”, neither with par value to be offered “in option” to shareholders. The share price has been set at €1.37, of which €1.02 is a share premium, discounting by 35.9% the theoretical ex right price (TERP) of the existing ordinary shares. Some 7 million ordinary shares are to be issued for €9.6 million ($13.3 million), and 14.2 million growth shares for up to some €19.4 million ($26.8 million). The issue will run from April 22nd to May 13th.

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