The WorleyParsons Limited (ASX: WOR) share price fell 6% today despite the mining services and engineering group releasing no specific news to the market. The WorleyParsons share price is now down around 18% over the past year and even peaked close to $20 in September 2018 before giving up around 40% of its value in just a couple of months to sell for $11.77 today.
In November 2018 WorleyParsons managed to raise $1.1 billion from retail investors in a 1 for 1.47 non-renounceable entitlement offer at $15.56 per share. Any retail investors who subscribed to the entitlement offer at $15.56 per share will be deep underwater already, alongside the underwriters who took up stock after a take-up rate for the retail side of just 51%.
In total the group raised $2.9 billion with institutions tipping in the difference of $1.9 billion at the same price of $15.56 per share.
WorleyParson is due to complete the acquisition of Jacobs ECR for an enterprise value of $4.6 billion in early 2019 after announcing the deal last October.
This kind of transformative deal may be worrying investors that it was struck at the top of the market.
