LONDON May 19 Bus and rail operator FirstGroup
plans to announce a 600 million pound ($911.5 million)
rights issue in the coming days to help pay off debt, British
media reported on Sunday.
FirstGroup's chairman Martin Gilbert, who is also chief
executive of Aberdeen Asset Management, will step down,
according to reports in The Independent on Sunday and The Mail
The company, which is due to report full year results on May
22, will also announce a dividend cut, the Independent reported.
FirstGroup runs Capital Connect, Great Western and the
TransPennine Express. Last year it was awarded the West Coast
franchise - which links London to Glasgow - only for the
government to tear up the deal after flaws were found in the
Goldman Sachs and JP Morgan are working on the rights issue,
the Independent said it its unsourced report.
A spokeswoman for FirstGroup declined to comment.