Esprit completes placement

Market absorbs fifth and largest placement in the space of one-and-a-half years.

A HK$4.092 billion $525 million placement in Hong Kong listed clothing group Esprit was completed yesterday November 10. The deal represents the fifth placement in the group since May 2003 and a further 8.1% divestment by chairman Michael Ying.

Under the lead management of Citigroup, a 97.2 million share deal was priced at HK$42.10. This equates to a 6% discount to the stock's HK$44 close on Tuesday when it was suspended and the outer end of a 2.9% to 6% range.

The relatively generous discount is not that surprising given how much larger the new block is relative to past sales and the...

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