27th Oct 2026 09:18
Pennon Group PLC - Exeter, England-based water utility - Receives acceptances from existing shareholders for 94% of its GBP550 million rights issue, a total of 207.5 million new shares. Pennon launched the 7-for-15 rights issue at 250 pence per share on October 7, offering a total of 220.3 million new shares. Underwriters Barclays Bank PLC and Morgan Stanley & Co will seek subscribers for the remaining 12.7 million shares, or subscribe for any shares not placed themselves. The fresh funds will be used by Pennon for capital investment in its regulated water businesses over the five-year regulatory period that began in 2025 and runs to 2030. Investment during asset management period 8, AMP8, is now expected to be GBP3.6 billion, around GBP1 billion more than Pennon's original plan. Read More