lee--man-paper-placement-revived

Lee & Man Paper placement revived

Citi replaces Deutsche Bank as bookrunner on the $80 million transaction and is able to significantly tighten the discount.
The placement of secondary shares in Lee Man Paper Manufacturing, which was pulled by the seller earlier last week, was re-launched and completed on Friday at a much tighter discount, showing that investors can still be convinced to put their money to work. The total deal size increased slightly to HK$625 million $80 million.

The final price translated into a 5% discount to ThursdayÆs closing price of HK$32.90, which compares with the 8.5% discount that sources say would have been the level on the initial placement three days earlier. That assumption is based on the fact that, on the first placement attempt, the bookrunner informed investors that the book was covered but...
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