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8 months ago
BRIEF-Laird proposes 185 mln stg rights issue, scraps 2016 div
December 2, 2016 / 7:25 AM / 8 months ago

BRIEF-Laird proposes 185 mln stg rights issue, scraps 2016 div

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Dec 2 (Reuters) - Laird Plc :

* Update and proposed underwritten rights issue

* Trading is in line with update issued on Oct. 19

* Full year underlying profit before tax is expected to be around 50 mln stg for 2016

* Expect year end net debt to EBITDA to be within group's covenant of 3.5x

* Operational improvement programme remains on track

* Programme will deliver annualised savings of at least $20 mln from 2018, with $15 mln expected in 2017

* Total P&L cash cost of project remains at c.$60 mln

* Novero is now fully integrated into Connected Vehicle Solutions (CVS) business and is expected to make a modest profit in 2017

* Proposed rights issue of up to 185 mln stg expected to be undertaken in Q1 2017

* Board is targeting a capital structure of between 1.0 x to 2.0x net debt to EBITDA in medium term

* No final dividend will be paid in respect of 2016

* Board intends to resume dividends in 2017 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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