Business · 1 hour ago
South West Water Owner Taps Investors for £550m as Shares Crash to 15-Year Low
Photo by Rafael Minguet Delgado on Pexels
Pennon, owner of South West Water and SES Water, launched a £550 million rights issue and cut its dividend by about 30 per cent per share as new chief executive Keith Haslett overhauls the business. Shares fell more than 22 per cent to their lowest since 2011. The cash will fund roughly £1 billion of extra investment, and Pennon plans to sell its renewables arm.
Reported by Reuters via MarketScreener · How we write briefs