William Hill rights issue a success

The British online and land gambling group William Hill plc has reported complete success in its rights issue offer to raise GBP 350 million.

A company spokesman said that over 97 percent of the new shares offered in its rights issue had been snapped up in short order by investors keen to take advantage of a heavily discounted price of 105p as part of a bid to reduce the company's GBP 1.4 billion debt.

In February William Hill confirmed the rights issue as part of a GBP 840 million refinancing that also saw the final dividend scrapped.

William Hill saw a three percent dip in profits for the year to December 30, to GBP 278.6 million (see previous InfoPowa reports).

Executives hope the discounted shares, underwritten by Citigroup, will strengthen the company's financial situation.

The spokesman said the shares, in a certificated form, would be dispatched to shareholders no later than April 16.

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