FISONS RAISING 110 MLN STG IN SHARE PLACING
Fisons Plc <FISN.L> said it planned to
raise about 110 mln stg through an international placing of up
to 18 mln new shares, mainly in Europe and the Far East.
    The operation would be conducted by a syndicate of
international banks led by <County Securities Ltd>.
    The issue would not be underwritten and shares would only
be allocated to syndicate banks to meet true demand from
end-investors. The share price would be determined according to
market conditions, but its expected that it would be at the
middle market price.
    A Fisons statement said that although the pharmaceutical
group achieved more than 80 pct of its sales outside the U.K.,
With rapidly increasing interest from international investors,
less than two pct of its shares were held overseas.
    The issue would help meet this interest, enhance the
group's standing in the capital markets and increase demand for
its shares. The issue would also be a cost effective way of
raising new equity, it said.
    The new funds would be used for the developing of existing
operations and also for acquisitions if suitable opportunities
arose.
    The issue, which represents 5.5 pct of the company's
authorised capital, requires shareholder approval. A meeting
has been arranged for April 21.
    Fisons shares eased one penny on the announcement by 0830
GMT to 657p.
 REUTER
