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TP ICAP announces £315m rights issue, expects revenue 2020 revenue to dip
StockMarketWire.com
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TP ICAP said in a trading update it expects revenue for the full year 2020 to be 1% lower than the previous year as trading volumes continue to be subdued.
The firm also announced a fully underwritten rights issue of £315 million, which will go towards the $575 million acquisition of Liquidnet.
The rights Issue is expected to result in the issue of 225 million new ordinary shares at 140.00 pence per share to existing shareholders.
Nicolas Breteau, chief executive of TP ICAP, said:I am delighted to announce this next planned step in our process to acquire Liquidnet. This acquisition is a unique opportunity to transform TP ICAP's growth prospects by materially accelerating our stated strategy of electronification, aggregation and diversification.
'We believe our two businesses are highly complementary and the deal, when completed, will help us to drive growth and shareholder value in the medium to long term.
At 9:42am: (LON:TCAP) Tp Icap PLC share price was 0p at 212.6p
Story provided by StockMarketWire.com
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