Clariane - comment

Clariane launched their planned rights issue today as part of their Refinancing Plan. This is the second part of the equity raise required, as announced on 17th May.  The rights issue offers existing shareholders one right per share.  The subscription price reflects a 43% discount to the theoretical ex-rights share price, which should ensure its success.  The rights issue was underwritten, so this will have a limited impact on the bonds.