May 22, 2019

M&S reveals discount for Ocado rights issue

Today it unveiled the more important discounts: those on offer to shareholders in the rights issue being launched to fund its new retail joint venture with Ocado. New shares are being offered at a price of 185p in the 1-for-5 issue, compared to a closing price last night of 271p, or 264p if you strip out the dividend, which will be paid before the rights issue closes. Pre-tax profits climbed from a paltry £67m a year ago to a still paltry £85m this year. John Parry announced he was stepping down from Lloyds last year after 17 years at the insurance market. TransferWise has become Europe's most valuable financial technology start-up after the sale of shares by early investors and staff - including its two Estonian co-founders - that values the cross-border payments company at $3.5bn. Natura Cosméticos, the Brazilian company that owns The Body Shop, has agreed to buy Avon Products in an all-stock deal that values the US-listed group at more than $2bn. Morgan Stanley, Goldman Sachs and JPMorgan earned 55 per cent of the $400m-plus fees generated by US tech IPOs last year.

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