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LONDON - Pennon (LON:PNN) Group PLC, a British water utility and waste management company, has published a prospectus related to its forthcoming rights issue, aimed at raising approximately £490 million in gross proceeds. The Financial Conduct Authority (FCA) approved the prospectus on January 29, 2025, as announced by the company.
The rights issue is part of the company’s strategy to secure additional capital. According to the prospectus, shareholders will have the opportunity to subscribe for new ordinary shares. The document provides detailed information regarding the terms of the rights issue and is intended to guide shareholders in making informed decisions about their participation.
Shareholders who prefer physical copies of company communications will receive the prospectus by post on January 31, 2025. Additionally, the prospectus is available on the Pennon Group’s website under investor information. It will also be accessible through the National Storage Mechanism, a repository mandated by UK regulations for the storage of regulated information.
The publication of the prospectus marks a significant step in the rights issue process, ensuring transparency and compliance with regulatory requirements. It is important to note that the announcement serves as an advertisement and not an offer to sell or a solicitation of an offer to buy any securities.
Investors are advised that any decision to buy, subscribe for, or dispose of the securities should be made solely based on the information contained within the prospectus. This move by Pennon Group is in line with standard practices for companies seeking to raise capital through the issuance of new shares to existing shareholders.
The company has emphasized that the prospectus’s publication and the rights issue itself are not to be construed as an offering of securities in any jurisdiction where such an action would be unlawful. The information in this article is based on a press release statement from Pennon Group PLC.
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