German pay-TV operator Sky Deutschland has had limited success with it latest attempt to increase its capital, managing to place only 61% of a private share placement of 269 million shares priced at 1.05.
The private share placement reportedly raised about Â172m for the operator, about half of what it wants to raise via a range of measures including a recent capital increase, a shareholder loan and convertible bond.
Sky Deutschland was yesterday in the process of offering the 105 million shares remaining to institutional investors. The companyÂs largest shareholder, News Corp has guaranteed that he capital measures it was taking would raise at least Â340m. News Corp, which raised its stake from 45.42% to 49.9% as a result of the recent capital increase, does not want, however, to take a majority stake in Sky Deutschland, leaving open the possibility of convertible bond or a shareholder loan from News.