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Marston’s Launches Right Issues

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GKN launches fully underwritten 6 for 5 rights issue to raise £423 million; to issue 846,623,629 shares; sales for five months ended May 31 £1,794 million, down 10% on year; accelerates restructure plans; sees benefits through 2009; five months ended May 31 management loss before tax £25 million; considerable uncertainty remains in markets

* Marston’s launches fully underwritten discounted 11 for 10 rights issue to raise £176 million; to issue 298,865,230 new shares at 59p; proceeds will allow for future pub acquisitions; new acquisitions will bring enhanced returns; £140 million of proceeds used for mid-term buys; focused on conserving cash; current market is creating many opportunities; to benefit from falls in average development costs; encouraging current trading; comparable sales for Inns and taverns up 1.1%; pre-items, pre-tax profit to be not less than £69 million; expects to rebase the interim dividend in 2010

* Cadbury reconfirms full-year guidance; trading improved in April and May; Britain and Ireland sustained string first-quarter performance; emerging markets performed well; North America continued recovery from destocking; Europe conditions remained very challenging; sees stronger second-half sales; sees second-half margin improvement weaker than first half

* SIG sees underlying profit at bottom end of market expectations; balance sheet remains strong; confident of operating within covenants throughout the year

* Go-Ahead Group sees trading in line with views; confident of full-year operating performance; business revenue continues to grow; sees London Bus full-year growth of around 6%; comparable revenue in de-regulated bus operations to grow in line; recovers £10 million rise in this year’s fuel cost; comparable passenger revenue grows at slower rate; rail full-year operating profit in line with previous views; aviation service conditions remains difficult but appear to have stabilised; Aviation service loss broadly in line with first-half.

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Friday, November 24, 8:24 pm

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