Imtech under fire over last-minute profit warning

Technical services group Imtech has been told by its bankers that it is ‘not done’ to issue a profit warning shortly before the closure of subscriptions to a new share issue, the Financieele Dagblad reports on Friday.

Bankers have made it clear it is inappropriate to confront investors with such information at such a crucial time, sources told the paper.

Imtech is hoping to raise €500m by issuing new shares to offset the impact of write-offs totalling €370m on an amusement park in Poland and its German activities.


On Thursday, nine hours before the closure of subscriptions, the company said it would have to write off a further €40m, knocking 12.5% off its share price. There was no mention of further setbacks in the prospectus, issued just two weeks ago, the FD said.

The offer is now to remain open for a further week. Nevertheless, the profit warning is not good for Dutch banks ING and Rabobank and Germany’s Commerzbank which will have to pick up unsold shares.

‘The timing makes you think,’ SNS Securities analyst Edwin de Jong told the paper. ‘You have to ask what is coming next.’

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