ORA plunged -12.4% on Wednesday, the most since June 2020, after the packaging business raised $1.2bn to purchase bottle maker Saverglass with new shares issued at $2.70, a whopping 21.3% discount to its last trade adjusted for the final 9c dividend – the company successfully raised ~$450mn via the placement and $668mn from an institutional entitlement offer. Buyers’ appetite was solid with over 80% of the institutional entitlement taken up, we believe this pullback for expansion is providing an excellent opportunity to enter the stock.
- We like ORA in current weakness – MM has the stock in both its Active Income and Flagship Growth Portfolio Hitlists.
MM is considering ORA for both of our Flagship Growth and Active Income Portfolios
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