Britain’s biggest estate agency group lost two thirds of its market value after it launched a £140m emergency fundraising and said auditors had warned that it would have to fight to stay in business.
Countrywide, which owns high street agency brands including Hamptons International, Bairstow Eves and Bridgfords, has launched a multimillion-pound rights issue in an attempt to stay afloat as it swung to a £206m half-year loss, sending shares crashing nearly 63% to close at 18½p in London yesterday.
The group hopes to tap investors in an equity placement to help it service its £212m debt pile. The rights issue is at 10p per share.
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