International Financing Review: PIK axed
Jun 07, 2008
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Residential property developer PIK Group was forced to cancel a US$300m capital increase last week after a US$500m accelerated bookbuild of secondary stock by two major shareholders failed to achieve their minimum price. The shareholders, directors Kirill Pisarev and Yuri Zhukov, were offering local shares in the bookbuild and planned to reinvest half the proceeds in the open offer.
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