The Restaurant Group faced questions over its proposed £559m takeover of Wagamama yesterday as it announced a £315m rights issue at a deep discount to the prevailing share price.
Although the rights issue is fully underwritten by JP Morgan Securities, there were raised eyebrows that Numis Securities, which two weeks ago had been listed as co-underwriter, was no longer listed.
The Restaurant Group did not explain why “one of the underwriters has gone missing”, as one analyst put it, confirming only that “both JP Morgan and Numis, our joint brokers, remain fully supportive of the transaction”.
