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