TRADING in the new shares of the restructured housebuilder, McInerney Holdings, started at 45p yesterday, rose to 47p, fell to 40p and closed at 44p. This represented a 9p premium on the placing price of 35p.
"We are very pleased we got off to a good start," said Mr Barry O'Connor, group managing director. "Also, we look forward to developing the business free of the past problems."
The open offer of 4,107,143 ordinary 10p shares at 35p per share, to the A ordinary share holders in McInerney Properties, had been taken up by 41.12 per cent. The remainder was taken up by the underwriters who, along with those who took up the open offer, are showing a sizeable (26 per cent) paper capital gain.
The response to the open offer was much better than the figures indicated. Around half the shares were held by institutions and McInerney family interests who had taken up new shares under their convertible rights.
Others had agreed to take up new shares under ICC Bank Venture Capital which consented to take a 28.4 per cent stake in McInerney for £2.5 million. The placing raised £5.5 million net.
