Thursday, July 1st, 2021
Significant price discount
Nordex share price collapses
Nordex procures fresh money through a capital increase. The advantage: This gives the wind turbine manufacturer more financial leeway. The disadvantage: the share is going down sharply.
The wind turbine manufacturer Nordex is increasing its capital – and the share price is plummeting. 42.7 million new shares are to be issued for EUR 13.70 each, as the MDax company surprisingly announced after the market closed. That is a massive discount to yesterday’s closing price of 20.48 euros. The result: the price is giving way, at times it was around ten percent in the red.
The capital increase has a volume of almost 585 million euros. Nordex intends to use the proceeds to create greater financial leeway and finance future growth. The company slipped into the red due to the Corona crisis.
Major shareholder Acciona with its stake of around one third and the investment company Skion (4.3 percent) want to exercise their subscription rights according to Nordex. Shareholders can acquire four new shares for every eleven existing shares.
The Jefferies analysts rate the move as surprising and also negative, because the company only tapped the capital market in December of last year. In addition, the new shares are now available at a discount of 30 percent compared to the capital increase in December, since the price was still 18.90 euros.
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