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Quintain to launch 180 mln stg cash call-paper

Wed Nov 4, 2009 6:11pm EST

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LONDON, Nov 5 (Reuters) - British real estate developer Quintain Estates and Development (QED.L) is set to launch a 180 million pounds ($296.5 million) rights issue on Thursday, the Daily Telegraph reported.

The decision, which the newspaper said has received institutional shareholder support, would see Quintain become the latest property company to tap the stock market for cash.

The newspaper said the rights issue, to be used to pay down debt and fund development plans, would be handled by JP Morgan (JPM.N), HSBC (HSBA.L) and Barclays (BARC.L).

Quintain called off a possible fund raising earlier this year.

Quintain on Monday confirmed it was considering an equity raising, following press reports at the weekend, but said no formal decision had been made. [ID:nL280419]

Quintain declined to comment on Wednesday. (Reporting by David Sheppard; Editing by xxxxxxxxxxx)



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