June 10, 2020 / 8:34 AM / a month ago

Whitbread investors agree to scoop up 91% of 1 bln pound cash call

June 10 (Reuters) - Existing investors of Whitbread Plc have agreed to supply 91.4% of its 1.01 billion pound cash call, the Premier Inn owner said on Wednesday, with bookrunners preparing to place on sale the remaining 5.8 million unsold shares.

The rights issue of 67.3 million new shares was priced at 1,500 pence apiece in May at a heavy discount of around 37% and was aimed at beefing up the company’s balance sheet to weather the coronavirus crisis.

Shares in the company have gained about 10% since the rights issue was announced on May 21 and were trading marginally lower as of 0828 GMT. They have lost nearly 36% of their market value since the start of the year.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Arun Koyyur

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