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Marston's ploughing on with 176m rights issue

MARSTON&rsquo;S, which brews Pedigree and Banks&rsquo;s ales, believes it has the support of investors over its plans for a rights issue to raise &pound;176m, following reports leading shareholders were gearing up to vote the plans down.<br /><br />Sources close to chief executive Ralph Findlay&rsquo;s plan, designed to fund new pub acquisitions, said it will go ahead as proposed: &ldquo;This was pre-marketed to over 20 shareholders &ndash; the vast bulk of our shareholder register &ndash; before being announced and the feedback was supportive.&rdquo;<br /><br />This came after reports suggested the Midlands-based brewer, which also operates the Pitcher &amp; Piano bar chain, faces anger as shareholders do not want to see their stakes diluted by the capital raising.<br /><br />They were also said to be angry as the company&rsquo;s &pound;1.2bn debt pile would not be reduced under the plans.