ETO has announced the acquisition of a 70% stake in ADB that will in effect lift its stake in Peppa Pig from 50% to 85%. The cost is £140m and is being funded by a net of expenses £194m rights issue. The rights issue is heavily discounted at 153p or 44% to last nights close. The excess funds are to provide flexibility to execute group strategy. Given the lack of cash generation and level of leverage this looks like a step in the right direction for the balance sheet. Concentration exposure to Pe ....
30 Sep 2015
Increasing bacon exposure
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Increasing bacon exposure
ETO has announced the acquisition of a 70% stake in ADB that will in effect lift its stake in Peppa Pig from 50% to 85%. The cost is £140m and is being funded by a net of expenses £194m rights issue. The rights issue is heavily discounted at 153p or 44% to last nights close. The excess funds are to provide flexibility to execute group strategy. Given the lack of cash generation and level of leverage this looks like a step in the right direction for the balance sheet. Concentration exposure to Pe ....