Lenzing Insiders and Oberbank Take Up Rights as Discounted Cash Call Weighs on the Stock
Published on 10/08/2026 at 21:30 | Editorial boerse-global.de
Lenzing's equity is under pressure during the subscription window for its €300 million cash call, and the latest filings show that both a board member and one of the underwriting banks are lining up to take their share of the new stock.
Christian Skilich, a member of the fibre maker's management board, was allotted 1,710 subscription rights, according to a mandatory disclosure. The transaction was dated Tuesday. On the same day, Oberbank AG booked a package of 1,493,524 rights in a separate release. Both sets of rights stem from the support commitments attached to the capital increase, under which Oberbank, the B&C Group and major shareholder Suzano are acting as guarantors.
The stock has been sliding throughout the process. In the most recent session it shed 8.6% to €11.52, extending a decline that has now reached 19.5% since the transaction was launched a little over a week ago. No company-specific announcement accompanied the drop. An earlier session had seen an even sharper move, with the shares falling 15% to €10.74.
Should investors sell immediately? Or is it worth buying Lenzing?
Terms of the Rights Issue
Lenzing intends to issue 34,756,362 new no-par shares, lifting its share capital from €40,107,738.37 to €76,204,702.90. Existing holders can subscribe for nine new shares for every ten they already own at €8.65 apiece. That price translates into a theoretical discount of 42.50% to the ex-rights price, a gap wide enough to weigh heavily on sentiment, not least because it dilutes the stakes of investors who choose not to participate. The stock has been trading ex-rights on the Vienna exchange since 2 October.
Subscription rights are quoted on the Wiener Börse through 14 October inclusive. The subscription period itself is scheduled to close on 20 October 2026, the same day set aside for an international private placement of any shares left unsubscribed. Assuming the capital increase is entered in the commercial register on time, the new shares should be delivered and admitted to trading from 23 October 2026.
Berenberg Steps Back
Sentiment has also taken a hit from Berenberg, which downgraded Lenzing from "Buy" to "Hold" on 2 October and slashed its price target to €17.00 from €29.50. The analysts pointed to raw-material costs and what they see as weak pass-through of higher viscose and cotton prices into earnings, as well as restructuring provisions tied to plant closures. They also flagged possible reluctance on the part of Suzano to expand its commitment. Handelsblatt reported on Tuesday that analysts had voiced scepticism about any such move by the Brazilian pulp giant.
Lenzing is due to publish its third-quarter 2026 results on 5 November.
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