GO plc announced on 12 August that following the Forthnet rights issue, Forgendo (jointly controlled by GO and Emirates International Telecommunications Malta Ltd) now holds a total of 52,674,013 shares in Forthnet representing 33.89% of the total issued share capital of the Greek broadband operator.
Prior to the rights issue, Forgendo held 25.6% of the issued share capital and had agreed to underwrite the total rights issue amounting to €300 million (made up of 116,573,493 new shares at a price of €2.57 per share).
Forthnet announced that 88.6% of the shares (equivalent to 103,270,707 shares) were allotted to shareholders. Total demand for the remaining 13,302,786 shares amounted to 89,963,521 shares, representing an over-subscription of 6.67 times.
Forgendo acquired a total of 42,709,866 new shares in Forthnet at a total additional investment of €109,764,356. Forgendo purchased 29,892,441 shares during the rights issue subscription and the balance of 12,817,425 new shares during the over-subscription.
GO announced that its additional investment in the Forthnet rights issue amounted to €54,882,178. In total GO invested just over €106 million in its strategic shareholding in Forthnet.