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RSA unveils $1.3 billion rights issue
February 27, 2014 / 7:17 AM / in 4 years

RSA unveils $1.3 billion rights issue

LONDON, Feb 27 (Reuters) - Troubled British insurer will tap its shareholders for 775 million pounds ($1.29 billion) of cash in a rights issue aimed at plugging a capital hole alongside asset sales.

In statement on Thursday announcing the conclusion of a strategic review launched in the wake of an accounting scandal at one of its divisions, RSA said it has already started making disposals, worth around 300 million pounds.

“We have reluctantly concluded we must ask our shareholders, via a rights issue, for a substantial sum,” the group’s newly appointed troubleshooting chief executive Stephen Hester said.

The group added that a final dividend, “cannot be justified.”

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