Enodis cuts its rights price
12 April 2012
FAST-FOOD cookers group Enodis unveiled a deeply discounted £71.5m rights issue. The struggling company is offering shareholders three new shares for every five already owned at 50p each, a 46% discount to Tuesday's 93p closing price. The offer of 150m new shares, which is underwritten by Credit Suisse First Boston, will be followed by a high-yield bond issue of up to £100m.
Chief executive Andrew Allner said net debt would be less than £300m, against the present £375m, by the end of the financial year.
