Waterford Wedgwood equity issue faces delay

CRYSTAL and fine china maker Waterford Wedgwood said yesterday turmoil in global capital markets is likely to delay parts of its €153.7 million equity issue.

The equity issue announced last month includes an open offer to raise up to €101.7m and a placing to raise up to €78.7m, of which €52m would be additional to the open offer.

“With the continuing unprecedented turbulence in global capital markets, the placing is not likely to complete until some time after completion of the open offer,” it said in a statement.

The deadline for applications for the open offer expires on Friday.

“The placing is required to be completed by no later than 30 November, 2008 or if so agreed by 15 December, 2008,” it added.

Waterford Wedgwood said in August its full-year pre-tax loss had more than tripled and it hoped to raise €120m in additional equity this year.

Of the open offer, €60m has been committed by WW chairman Tony O’Reilly and his deputy Peter John Goulandris, it said.

Waterford fell 0.03 cent, or 15%, to €0.17. The stock has plunged by about 90% in 2008 and has lost most of its value over the past four years, reducing the crystal maker’s market capitalisation to less than €10m.