Daily Market Blog: 35 billion Euros of green bottles on the wall
"Hear ye, hear ye. In the case of the Woolworths rights issue, there seems to be a little confusion about the timelines and what is it that shareholders must do. Not last Friday, but the Friday before (the 5th of September), if you owned 100 Woolworths shares, you qualified for the right to purchase another 22 at 59.5 in the rights issue. The share went ex (without) the rights last Monday. Meaning that if you bought them from Monday last week onwards, you would have bought them effectively with all the extra shares in issue. In other words, all new Woolworths shareholders would have bought them undiluted already.
The rights issue is open and what that means is that the cash and shares have not flowed yet. If you are following your rights, you obviously need to stump up the necessary cash in order to buy the extra shares in that ratio above."
To market, to market to buy a fat pig. Market managed to eke out a marginal gain on Friday, that is here that is. In the US the close was lower, stocks sank a little, the broader market ended the session off 0.6 percent on the day. Over the weekend there was news from the 2nd largest economy on the planet, China, that was not exactly favourable for equity markets sending them to the lowest level in five odd weeks. What news, what data? Factory output numbers, which were the worst in around 6 odd years, prompting officials in China to talk more about stimulus.