Cash boxes appeal when cash is tight but don’t neglect governance
- Companies are using cash box structures for secondary fundraisings
- The speed appeals when times are tight
- Institutional shareholder groups are concerned from a corporate governance perspective
In 2009 over 25 secondary fundraisings have been carried out by way of cash box placing, says Alexander Keepin, corporate partner at City lawyers, Charles Russell.
This has attracted the interest of institutional investor groups Association of British Insurers (ABI) and National Association of Pension Funds (NAPF) have expressed coand the ncern that shareholder pre-emption rights are being over-ridden.
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