FNZ shareholders have seen their equity diluted by up to $3bn (CHF 2.7bn) following a new equity issue by the platform tech provider.
In a letter seen by Citywire, FNZ’s new CEO Blythe Masters informed shareholders that the issue of preference shares has hit the value of all holdings in the private-equity backed business, with some classes of shares taking a bigger loss.
‘The A1 and A2 preference shares dilute all shareholders by $2-3bn, depending on the timing of redemption, in addition to the 11% dilution of Class A to C Shares caused by the warrants,’ Masters said in the letter.
