OHLA - comment

Whilst OHLA has now formally announced the €100m equity raise, we do not yet have price or underwriting details. However, the news is positive for bondholders and negative for equity. After completing the cash injection, OHLA will have the resources to meet the €200m bond maturity in March 2025. €100m represents 40% of capitalisation, so the dilution for equity holders will be significant, and as the bonds will benefit at the expense of equity, we are glad we exited the shares and held on to the debt. In the offer, the Amodio family will take 26% of the offer to avoid dilution. The AGM is on 27/28 June, and an EGM will follow (likely to be announced next week). 

https://ohla-group.com/en/inside-information-notice-on-initial-public-offerings-and-public-offerings-for-financial-instruments/  

Aengus McMahonOHLA