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Countrywide seeks £140m to shore up finances

Thu, 02nd Aug 2018 08:47

(Sharecast News) - Countrywide announced plans to raise £140m from investors to strengthen its finances after the estate agent lost more than £200m in the first half. Countrywide, whose brands include Hamptons and Bairstow Eves, said the emergency fundraising would bring in about £111.4m from a firm share placing and a further £26.8m through a placing and open offer. It will sell the shares to new and existing investors for 10p a share - an 80% discount to the price on 1 August.The company's shares dropped 64% to 18p at 09:24BST.The placing will raise about £129m after underwriter fees and other costs. It will use the money to pay off about 60% of its debt of £211.7m, reducing its interest payments. Countrywide has negotiated new debt covenants with its lenders to give it more flexibility to implement a turnaround plan.The company plunged to a pre-tax loss of £205.8m in the six months to the end of June from a £0.5m loss a year earlier.Peter Long, Countrywide's executive chairman, said: "The capital refinancing announced today is a significant milestone for the group. It will enable us to build upon the progress we have made to date on our three-year recovery plan as we deliver our return to growth strategy. Although it is still very early in the turnaround, we are encouraged by the operational improvements that we are making and the tangible results that are being achieved."Countrywide said the structure of the share placing was necessary to attract new investors while giving existing shareholders the chance to take part. The deep discount to the share price is based on "prevailing market conditions and anticipated demand for the New Ordinary Shares," it said. Oaktree, Countrywide's biggest investor, has agreed to subscribe for £24m of the new shares.Countrywide has struggled to stay afloat with a heavy debt burden in the midst of a stagnant housing market and fierce competition from online rivals such as Purplebricks. Alison Platt resigned as chief executive in January after a series of profit warnings.Long took over running the business as executive chairman but has been juggling various jobs. Paul Creffield, who became chief operating officer when Platt left had been made managing director with a seat on the board.

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8 Mar 2018 10:36

WINNERS & LOSERS SUMMARY: Countrywide Shares Sink On Large Annual Loss

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.----------FTSE 100 - WINNERS----------Associated a

8 Mar 2018 10:26

LIVE MARKETS-Late on your ECB homework? Here's ING's 'Angry Birds' cheat sheet

* European edge up * ECB meeting awaited * Results from Uniper, Akzo Nobel, Merck, JCDecaux LONDON, March 8 (Reuters) - Welcome to the home for real time coverage of European

8 Mar 2018 09:59

Britain's FTSE inches up in choppy trade; miners fall

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * FTSE 100 up 0.15 pct, helped by defensive stocks * Miners fall as trade war worries hit metal Upgrade AB 8

8 Mar 2018 09:51

UPDATE 1-Easing tariff fears buoy European shares; M&A, earnings in focus

* STOXX 600 rises hesitantly * ACS gains after Atlantia confirms talks over Abertis * Abertis shares down 3.8 pct * Countrywide sinks 20 pct (Updates prices, adds Helen March

8 Mar 2018 09:42

TOP NEWS: Countrywide Shares Fall On Axed Dividend, Annual Loss

LONDON (Alliance News) - Shares in Countrywide PLC fell sharply early Thursday after the company swung to a pretax loss, axed its dividend payout, and warned of further pain a

8 Mar 2018 08:41

Fading trade fears support European shares; M&A, earnings in focus

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * STOXX 600 rises hesitantly * ACS gains after Atlantia confirms talks over Abertis * Abertis shares 8

8 Mar 2018 08:40

UPDATE 2-UK's Countrywide going 'back to basics' after profit plunges

* Core earnings fall 22.5 pct * Scraps 2017 dividend * Reducing HQ headcount * 2018 pipeline "significantly lower" * Shares fall 24 pct (Adds conference call,

8 Mar 2018 08:20

LIVE MARKETS-Opening snapshot: STOXX inches up

* European edge up at the open * Asian trading calmer on hopes of smaller Trump tariff * ECB meeting awaited * Results from Uniper, Akzo Nobel, Merck, JCDecaux Welcome to the home for real time of

8 Mar 2018 07:58

LIVE MARKETS-What's on the radar ahead of the open

* European shares seen rising * Asian trading calmer on hopes of smaller Trump tariff * ECB meeting awaited * Results from Uniper, Akzo Nobel, Merck, JCDecaux Welcome to the home for real time of

8 Mar 2018 07:44

UPDATE 1-UK Stocks-Factors to watch on March 8

March 8 (Reuters) - Britain's FTSE futures were up 0.08 percent ahead of the cash market open on Thursday. * G4S: The world's largest security group G4S said by

8 Mar 2018 07:36

British estate agent Countrywide posts 22.5 pct drop in FY core earnings

March 8 (Reuters) - Countrywide Plc, Britain's largest estate agency, on Thursday reported a 22.5 percent drop in full-year core earnings, hurt by poor performance in its

8 Mar 2018 05:38

UK Stocks-Factors to watch on March 8

March 8 (Reuters) - Britain's FTSE 100 index is seen opening flat on Thursday, according to financial bookmakers. * UK-RECRUITERS: British recruiters a

20 Jan 2017 09:36

BROKER RATINGS SUMMARY: Exane BNP Cuts Sainsbury's And Tesco

18 Jan 2017 09:48

Wednesday broker round-up

(ShareCast News) - Hochschild Mining: RBC Capital Markets reiterates Outperform with a target price of 290p. Pearson: Liberum reiterates Sell with a target price of 470p. IG Group: Barclays reiterates Overweight with a target price of 612p. British American Tobacco: Citi reiterates Buy with a targ

13 Jan 2017 07:41

Revenue up but volumes down at Countrywide

(ShareCast News) - Estate agent Countrywide reported a small increase total group income for the year to the end of December as it said earnings are expected to be in line with the current range of market expectations amid a challenging market and a slowdown in London. Total group income for the yea

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