London rights issues fall to zero

No company listed on the London Stock Exchange held a rights issue in the first quarter, according to research by Trowers & Hamlins. The three months to March was the first quarter without a cash call since the credit crunch bit in the third quarter of 2007, indicating the urgent need for funds to repair corporates’ over-indebted balance sheets has eased. In Europe, in contrast, firms like German tyremaker Continental and Italian bank Unicredit have continued to raise cash from their shareholders.