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MQG - MACQUARIE GROUP LIMITED


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* Profit falls 52 pct, in line with forecasts

 

* Group taking A$2.5 billion writedown, cuts dividend

 

* Approaches investors to raise around $400 mln (Adds possible fund-raising, CEO quote, details)

 

By Mette Fraende and Denny Thomas

 

SYDNEY, May 1 (Reuters) - Macquarie Group (MQG.AX), Australia's biggest investment bank, reported its first fall in annual profit in 17 years on Friday, hurt by asset writedowns, and was said to be looking to raise funds for tough times ahead.

 

Fund managers told Reuters that Macquarie had approached them on Friday about raising A$540 million ($397 million) through a fixed-price share offer at A$27.00 each. Macquarie declined to comment and made no mention of a capital raising in its results.

 

 

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Considering the latest profit result and capital raising @ $27 can someone explain to me why MQG has gone from $30.31 to $35 since Monday ? (Infact it might have almost made it there on Monday) I know it's going ex div in a week but still! Is it possible/probable that there has been some background support engineered by Macquarie or the institutions?
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