DS Smith up on successful rights issue

Feb 22, 2012

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DS Smith, the recycled packaging company, has completed a successful rights issue, raising the money it needs to pay for its purchase of Swedish firm SCA Packaging.

By the deadline at 11:00 yesterday it had received acceptances for 98.61% of the offered shares in the nine-for-eight cash raising exercise.

Today its underwriters, J.P. Morgan, has managed to sell the outstanding 1.39% of the offer.

The total cash raised will be around £466m, which, along with loans, will pay for the SCA transaction.

DS Smith shares have risen 4% this morning. They are down 15% since February 2011.

BS

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