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Pennon Group plc ( (GB:PNN) ) has shared an update.
Pennon Group plc announced the closure of its Rights Issue, which involved offering 185,928,002 new ordinary shares at a price of 264 pence each. The issue was met with a 92.586% acceptance rate, indicating strong investor interest and confidence in the company’s financial strategy. The remaining shares not taken up by qualifying shareholders will be managed by underwriters Barclays Bank PLC and Morgan Stanley & Co., who have committed to procuring subscribers or purchasing the remaining shares themselves. This successful capital raising is expected to strengthen Pennon’s financial position and support its ongoing investment plans.
More about Pennon Group plc
Pennon Group plc is a leading player in the UK utilities sector, primarily focusing on water and environmental services. The company operates in the provision of water and wastewater services, with a significant market presence in the South West of England.
YTD Price Performance: 4.91%
Average Trading Volume: 1,783,492
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £2.25B
For an in-depth examination of PNN stock, go to TipRanks’ Stock Analysis page.
