Holidaybreak plans rights issue

Travel firm Holidaybreak plans to raise around £31m through a rights issue, fully underwritten by broker KBC Peel Hunt. The firm will issue around 21.7 new shares on the basis of four new shares for every nine existing shares, at a price of 153p a share, a 49 per cent discount to the stock’s Tuesday closing price. Holidaybreak aims to use the proceeds to invest in opportunities in its education division, which provides holidays for primary school children and educational travel tours to schools and colleges.