Veritas snaps up extraordinary 34.6pc of Cochlear placement as coronavirus hits markets
The huge parcel underlines the massive dilution for retail shareholders in the $880m raising.
Veritas, an offshore fund manager has snapped up an extraordinary 34.6 per cent of the Cochlear placement underlining the massive dilution for retail shareholders.
In an ASX filing on Thursday, the fund manager said it acquired $304.48m worth of stock in the hearing device maker in a placement which raised $880m.
JP Morgan pocketed $20m for its work in the deeply discounted issue.
Veritas, which previously has 540,000 shares, also spent another $100m boosting its stake and the UK and Hong Kong-based manager now owns 2.2 million shares.
It has increased its holding by four times while the retail shareholders stake in the company was diluted.
Cochlear is chaired by Rick Holliday-Smith who also chairs the ASX.
This week the ASX loosened its rules on capital raising to make it easier for companies to raise capital without seeking prior shareholder support.
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