Outsourcer Capita has launched a £701m fundraising after announcing a £513m loss for last year, as its tries to recover from a series of reputation-damaging contract bungles and repair its balance sheet.
The company, which provides a range of public services from collecting the BBC licence fee to recruiting for the British army, is issuing 1m new shares at 70p each a 34 per cent discount to the theoretical price that the shares should trade at after the rights issue.
The three-for-two rights issue, which will raise £662m after fees to advisers, will be used to reduce Capitas £1.2bn net debt, fund the companys restructuring and invest in new technology. It has been fully underwritten by Citi and Goldman Sachs, and Woodford a…
Read the full article at: https://www.ft.com/content/b6303556-46c1-11e8-8ee8-cae73aab7ccb