Business
Rights Issue
Rights Issue.
About this update from Whitbread Plc
[{"type":"text","content":"\n \n \n RNS Number : 5534N\n Whitbread PLC\n 21 May 2020\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, NEW ZEALAND, UNITED ARAB EMIRATES, JAPAN, SINGAPORE, SOUTH AFRICA, AND ANY OTHER JURISDICTION WHERE THE EXTENSION OR AVAILABILITY OF THE RIGHTS ISSUE (AND ANY OTHER TRANSACTION CONTEMPLATED THEREBY) WOULD BREACH ANY APPLICABLE LAW OR REGULATION.\n \n \n NOTHING IN THIS ANNOUNCEMENT SHOULD BE INTERPRETED AS A TERM OR CONDITION OF THE RIGHTS ISSUE. ANY DECISION TO PURCHASE, SUBSCRIBE FOR, OTHERWISE ACQUIRE, SELL OR OTHERWISE DISPOSE OF ANY NIL PAID RIGHTS, FULLY PAID RIGHTS OR NEW ORDINARY SHARES MUST BE MADE ONLY ON THE BASIS OF THE INFORMATION CONTAINED IN THE PROSPECTUS ONCE PUBLISHED. COPIES OF THE PROSPECTUS WILL, FOLLOWING PUBLICATION, BE AVAILABLE FROM THE REGISTERED OFFICE OF THE COMPANY AND ON ITS WEBSITE AT WWW.WHITBREAD.CO.UK/INVESTORS/. \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n \n FOR IMMEDIATE RELEASE\n \n \n 21 May 2020\n \n \n WHITBREAD PLC\n \n \n ANNOUNCEMENT OF RIGHTS ISSUE\n \n \n 1 for 2 fully underwritten rights issue to raise gross proceeds of approximately £1,009 million\n \n \n Further to the announcement of its results for the financial year ended 27 February 2020, Whitbread plc (\"Whitbread\" or the \"Company\", and together with its subsidiaries, the \"Group\"), a leading operator of hotels and restaurants, today announces that it proposes to raise gross proceeds of approximately £1,009 million by way of a rights issue (the \"Rights Issue\").\n \n \n Highlights\n \n \n - \n The purpose of the Rights Issue is to ensure that Whitbread emerges from the COVID-19 pandemic in the strongest possible position to take advantage of its long-term structural growth opportunities and win market share in both the United Kingdom and Germany.\n \n \n \n \n \n - \n Whitbread entered the COVID-19 pandemic with a strong balance sheet and significant liquidity. Since the onset of the pandemic, Whitbread has taken decisive action to reduce cash outflows through a broad range of measures, including reducing discretionary costs, postponing non-committed development and non-essential maintenance capital expenditure and utilising the Coronavirus Job Retention Scheme to provide wage costs for furloughed emp...