HSBC completed a top up placement for Henderson Land yesterday Monday raising HK$3 billion $388 million for the property developer. The structure of the transaction meant the company's major shareholder Lee Shau Kee subscribed for an equal number of shares to the ones sold, in the process slightly diluting his stake from 64.5% to 61.2%.
With CLSA as joint lead, a total of 92.44 million primary shares were sold at HK$32.45. This represents a 7% discount to the stock's close and 25 days trading volume.
While the discount is wider than has been seen in the recent past, the deal size is much larger. The stock is also up...
