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.
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