William Hill reports £350m rights issue success

This story was published more than 14 years ago.

The British online and land gambling group William Hill plc has reported complete success in its rights issue offer to raise £350 million.

A company spokesman said that over 97% of the new shares offered in its rights issue had been snapped up in short order by investors keen to take advantage of a heavily discounted price of 105p as part of a bid to reduce the company's £1.4 billion debt.

In February William Hill confirmed the rights issue as part of a £840 million refinancing that also saw the final dividend scrapped.

William Hill saw a 3% dip in profits for the year to December 30, to £278.6 million.

Executives hope the discounted shares, underwritten by Citigroup, will strengthen the company's financial situation.

The spokesman said the shares, in a certificated form, would be dispatched to shareholders no later than April 16.

Source: InfoPowa News

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