DS Smith up on successful rights issue

22nd Feb 2012 11:07

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