The mystery of the deep discount
- From: Vol 4, Issue 8 (August 2003)
- Category: Analysis
- Region: Unspecified
- Country: United Kingdom
- Related Companies: Moody’s, Royal Bank of Scotland, Saur, South East Water, Southern Water, Standard & Poor’s, Suez, United Utilities and Veolia
United Utilities’ rights issue will cost it dear. Does it know something the rest of the industry doesn’t?
The UK water business went in two opposite directions last month. Southern Water completed its move to a more highly leveraged model with the refinancing of the Royal Bank of Scotland’s stake in the company. United Utilities (UU), on the other hand, moved to reduce its debt to equity ratio by announcing a deep discount rights issue (see story ...
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