Debenhams has confirmed plans to raise £323m in a placing and open offer to help cut debts, the details of which can be found here.
What you won’t find is any indication as to whether its private equity backers, Texas Pacific Group and CVC – who together own 20% of the departments stores group - can sell down their respective stakes.
Sure, they have agreed to the “customary lock-up” (whatever that is) , but only during the open offer period, which we think starts after the market closes tonight, Thursday.
The TPG Shareholder Group and the CVC Shareholder Group have confirmed their intention to vote any shares held by them in favour of the Capital Raising at the General Meeting to be held at 11.00 a.m. on 23 June 2009 and have agreed to enter into customary lock up arrangements on their shareholdings for the duration of the open offer period.
Assuming there is sufficient demand, and the right price, TPG and CVC could actually sell today. Not that you would have guessed it from Thursday’s statement.
Related link:
Debenhams raises £323m in rights issue – FT Alphaville