00:00Chris, this is a big discount. Is this what was expected? Talk us through what we've learned from the company this morning.
00:07Well, it is a big discount, but it has to be a discount once you want to sell shares to the public and you're in a problematic situation.
00:16Now, Ørsted obviously needs to convince investors to buy into this and participate.
00:21The good news for Ørsted is that two of its biggest shareholders, the Danish state and Equinor, have said in advance that they would participate.
00:27So it's a good starting point, but it's really important for us to not come out of this looking overly bad after all the problems they've faced.
00:38And, Christian, what's at stake for the wind developer with this rights issue this week?
00:45Well, first of all, there's its image, right? You need to come out of this looking okay.
00:50You need to be able to show the market that investors backed off on this rights issue.
00:55In terms of the money, the banks are actually underwriting this rights issue.
00:59So Ørsted is more or less guaranteed to get its $9 billion.
01:03But there's also another thing to look out for here during the process.
01:07There's a lot of speculation about consolidation in the wind energy industry.
01:11And if one of the current shareholders emerge from this rights issue having boosted their stake or if there's a new investor coming in announcing that they've taken a stake,
01:26it's only going to add fuel to the fire on the speculation on consolidation.
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