LONDON (dpa-AFX) - The board of Pennon Group plc (PNN.L) announced a proposed capital raise of approximately 490 million pounds by way of a fully underwritten rights issue of 185,928,002 new ordinary shares at 264 pence per new ordinary share on the basis of 13 new ordinary shares for every 20 existing ordinary shares.
The Group said the purpose of the rights issue is to enable Pennon, as part of a comprehensive financing package, to deliver the step change in investment required through the K8 period to March 2030, whilst ensuring appropriate and sustainable gearing is maintained throughout.
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