Suomen Terveystalo, the biggest Finnish healthcare operator, raised €14m from its rights issue, rather than the maximum of €30m. Equity analyst Kimmo Stenvall at Pohjola Bank calculates that ST will be left with debts of euros 139m by the end of the year.

Our Analysis: ST should be able to service the debt. Stenvall forecasts EBITDA at €30m in 2008. But competitors say that it paid nearly twice what it should have done for the occupational arm of Medivire in 2007. The recession may affect its operations over the next two years, and, sooner or later, ST will need to raise more money if it is to have a future as a strong, independent company.