Strategic Sourcing Europe

Below is an excerpt of the financial communication released the 14th of February 2007 by cc-hubwoo:

The world’s leading provider for ondemand electronic procurement solutions and supplier network management, today announced the successful completion of its recent Rights Issue.
Alain Andréoli, cc-hubwoo President and CEO, commenting on the results of the Rights Issue, said: « The success of this operation shows the keen interest of the market in our stock and is a vote of confidence in our strategy. As a result of this financing, we will now be able to realize our growth plans and undertake the necessary investments to implement our cost reduction projects. »
On January 16, the company launched a rights issue at €1.1 per share, for a total of 9.5 million euros, to finance its development and accelerate the reduction of its infrastructure costs.

The operation, for which the results were announced by Euronext, was entirely subscribed, with a total demand for the shares amounting to 120% of the offering. (…)

Actually, the outcome was rather obvious as 80% of the rights were pre-subscribed by current investors… as far as I’ve read here and there. The full communication is here.