Business Services Industry
IAG investors opt out of share plan.
Australasian Business Intelligence, November, 2002
Nov 22, 2002 (The West Australian - ABIX via COMTEX)
Only 24, or $A93m, of a $A380m offer by Insurance Australia Group (IAG) has been taken up. IAG planned to use the money to fund the acquisition of CGU-NZI. The result, equating to a response from less than five per cent of shareholders, means that even after institutional investors take stock as per a sub-underwriting agreement with underwriters, UBS Warburg and Deutsche Bank, there could be a stock overhang and a fall in the share price. IAG MD, Michael Hawker, says, however, an overhang is very unlikely as the underwriters will take up the rest of the shares. While denying the NRMA controversy contributed to the lack of shareholder response, Hawker says he was disappointed. Royal & Sun Alliance is planning...
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