The equity capital markets will soon test a new type of capital raising for UK corporations. Premier Foods, the Branston pickle to Cadbury chocolate producer, is being touted as the first company to seek shareholder approval for a concurrent rights issue with a large-scale placement to one or more private equity investors.
Premier is the classic good business with a bad balance sheet. Even in these straitened times, Britons apparently continue to comfort themselves by chewing on loaves of toasted Hovis bread and hoovering down sickly sweet bowls of Angel Delight. The company expects sales for 2008 to be 9% ahead of those in 2007, with growth in the second half coming in at 10%, driving a trading profit for the year of between £315 million...
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