The Swiss-Irish company Aryzta, owner of Cuisine de France, has successfully completed its recent rights issue, according to the Irish Times.
Shareholders were offered ten new shares for every single share they currently own as the bread maker seeks to raise €800 million.
97.4% of the company’s shareholders took up these rights.
However, a number of Irish shareholders were effectively locked out of the deal, as was reported yesterday, as letters received in the mail left them unaware of the offer until right up to the deadline.
These shareholders have now seen their stake in the company fall to less than 10% of their worth before the rights issue.
Shareholders were already reported to have lost 90% of their original investment on the back of a series of profit warnings damaging the company’s reputation.
The rights issue closed Thursday noon, and the new shares are expected to start sharing on 19 November.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.