Compass Plans to Raise GBP2.0 Billion to Strengthen Balance Sheet, Liquidity
19 May 2020 - 4:52PM
Dow Jones News
By Ian Walker
Compass Group PLC said Tuesday that it is seeking to raise 2
billion pounds ($2.42 billion) via an equity issue to strengthen
its balance sheet and liquidity position during the coronavirus
pandemic.
The U.K. catering contractor said that the money will be raised
via a share placing under a bookbuild program, subscription and
retail offer. The number of shares to be issued and the price will
be announced once books close.
It said directors and members of the senior management team have
agreed to subscribe for up to GBP1.1 million of new ordinary
shares, the company said.
Last month Compass said it won't recommend an interim or final
dividend for fiscal 2020, and that its chief executive has
temporarily reduced his salary by 30%, both due to the coronavirus
pandemic.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
May 19, 2020 02:37 ET (06:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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