16 May 2013 – fund raising
The group has announced details of a fund raising as part of a £1.6bn capital refinancing plan which will see a placing and rights issue. The latter will see shareholders being offered 2 new shares for every 5 held at a price of 76p. The group has also announced its interim results for the six months to 31 March which showed an adjusted pre-tax loss of £276m, down from £314m a year earlier. The group is clearly now making significant progress with its recovery but we feel that the best part of the ride for shareholders is now over. TAKE PROFITS.