March 5, 2009
£21bn chase
Story link: £21bn chase
The fees are closing in on £700 million, which seems like over kill, and of course is the biggest flooding on rights issues in the last few years.
What this means is a massive £21bn of new money has been created in the last three months, an astonishing amount in such a short space of time!
Cazenove, has charged fees close to £700 million in return for holding the hands of 11 major companies which have raised £21 billion of new money in just the first two months of 2009, the busiest flood of rights issues in years.
While the deluge of financing fees will help the books of the investment banks and stockbrokers and their coterie of lawyer and accountant advisers, the price being charged for the work is causing alarm.