FirstGroup has announced a £615m rights issue and scrapped its final dividend for 2012/13 in an effort to reduce debts and avoid a credit rating downgrade. The company’s chairman, Martin Gilbert, has also announced he is stepping down after 27 years.
The dilution of the shareholding has prompted a sharp fall in the company’s share price, which was trading this week at 126p compared with 224p a fortnight ago.
Announcing the plans to analysts, FirstGroup chief...
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