The objections that certain investment bankers have made about the new ASX BookBuild Facility are sounding increasingly hollow, given recent placements

The objections that certain investment bankers have made about the new ASX BookBuild Facility are sounding increasingly hollow, given recent placements. High profile raisings recently undertaken for the likes of Mayne Pharma, DUET, CFS Retail and Ansell appear to be following the ASX BookBuild playbook. These bookbuilds had a number of familiar attributes: 1.They were conducted during market hours, while the company is placed in a trading halt; 2. Company announcements detailing the use of funds and size of the deal were made public at the commencement of the bookbuild; and 3. Variable price offers were used for Mayne Pharma and DUET; It is also interesting to note wealth management divisions of the banks are offering shares in companies that are not covered by their equity research teams. Yesterday's raising by UBS for Mayne Pharma was a good example of this. Remaining article on our blog: (VIEW LINK)


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