Symphony adds to acquisition war chest with London placing

 
Michael Bow
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SYMPHONY International Holdings, the Asian orientated investment company listed in London, yesterday said it is well on the way to raise $100m (£62.5m) in London through a share placing.

The company, which makes investments in burgeoning Asian consumer businesses, announced its rights issue on 4 October.

Yesterday it said it had received acceptances for 99.9m shares in its fully underwritten rights issue at 0.481 for 1 rights issue at $0.60 – around 60 per cent of the total on offer, reflecting the tough fundraising environment. Panmure Gordon “will endeavour to procure subscribers for the balance”, the firm said in a statement.

Symphony said it intended to use the cash to make further investments in the healthcare, hospitality and lifestyle sector.

It is currently reviewing 15 potential investments in the sector, which have a value of $1.28bn.

Fundraising has had a torrid time in recent months with investors heistant of investing in equities and volumes at very low levels.

ADVISERS PANMURE GORDON

DOMINIC MORLEY
PANMURE GORDON

The deal team that brought Symphony Holdings International to market was led by Panmure Gordon’s Dominic Morley, managing director in corporate finance at the firm.

Morley led the corporate finance team along with Andrew Potts, director of corporate finance, Charles Leigh-Pemberton, who is an associate director of corporate broking, and Tom Nicholson, who also works in corporate broking.

Morley is a 17 year veteran at Panmure Gordon, having joined the brokerage firm back in 1995.

Morley also led another large placing this year, when he assisted Mood Media in the placing of 31.8m common shares to raise £73.5m for the firm’s acquisition of DMX group.

Yesterday’s deal, which saw Symphony offer 166.7m shares, was led by Panmure, who acted as sole underwriter, bookrunner and broker.

It is the second placing this month for the brokerage house, which acted as joint broker on a placing to raise £8m earlier in October for Aim-listed company Earthport, which provides cross border payment systems.

Charles Leigh-Pemberton worked on the fundraising of Revolymer this year.

The firm, which makes environmentally friendly chewing gum, made its full debut on Aim in July after sealing £25m in fundraising. Potts, who worked on the Symphony deal alongside Morley, is a former employee of Ernst & Young.