Market wrap: Whitbread shares dive in £1bn cash drive
Premier Inn owner Whitbread was the biggest loser on the London Stock Exchange as it mapped out a £1bn fundraise in the wake of the pandemic.
Whitbread announced a rights issue to boost balance sheet liquidity and protect the hotel chain in case of a resurgence.
The news accompanied a preliminary results statement, with adjusted pre-tax profits down 8.2% for the year. It saw the FTSE 100 group lose 13.4% in value, closing at 2,461p per share.
Premier Inn owner Whitbread was the biggest loser on the London Stock Exchange as it mapped out a £1bn fundraise in the wake of the pandemic.
Whitbread announced a rights issue to boost balance sheet liquidity and protect the hotel chain in case of a resurgence.
The news accompanied a preliminary results statement, with adjusted pre-tax profits down 8.2% for the year. It saw the FTSE 100 group lose 13.4% in value, closing at 2,461p per share.
Elsewhere, residential home developer McCarthy & Stone rose 5.6% to 67.4p and NewRiver REIT fell 4.7% to 52.7p
News of continued progress on a sale of LSH to new parties saw Countrywide relatively stable, up 1.6% to 63p. Primary care property investor Assura rose 3.1% to 78.2p, boosted by strong results and growth plans.
The FTSE 100 dipped 0.9% to 6,015 and the FTSE 200 nudged up 0.1% to 16,386.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
