Xenova, the UK listed bio-pharmaceuticals firm, mustered only a 16.4% take-up of its £11m (€17.4m) rights issue after the share price dipped below the rights issue price in volatile equity markets.

Xenova announced an offer of eight new shares for every 33 held on September 11. The price of 32.5p per new share was a 25% discount to the closing middle-market price of 43.25p on September 10.

Xenova rights issue suffers from low take-up

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