Azlan Plc’s three-for-10 rights issue turns out to have been hopelessly misconceived and after the shares, over 700 pence at the time of the announcement, plunged to way below the 620 pence rights price. And only 5.6% of the shares on offer were taken up, leaving underwriter SBC Warburg holding a very expensive baby and nursing a big loss as it tried to offload them. The cash is to raise funds for its planned 30m British pound purchase of Akam BV, seen by some as a deal too far.
