UK's Pennon launches £550 million rights issue, cuts dividend to fund investment

Pennon Group Resets Strategy With £550M Rights Issue, Dividend Cut and Asset Investment

Pennon Group (LON:PNN) outlined a strategic reset focused on operational recovery, increased asset investment and a revised funding plan that includes a £550 million rights issue, a rebased dividend and the planned sale of Pennon Power. Chief Executive Keith Haslett said the six-month strategic rev

UK's Pennon launches £550 million rights issue, cuts dividend to fund investment

British water utility Pennon Group launched a fully underwritten £550 million ($728.5 million) rights issue and lowered ​its dividend in a bid to fix ‌operational problems at its regulated water business.

Pennon shares sink 17% after launching rights issue, cuts dividend to fund water investment

Pennon Group has launched a £550m rights issue and cut its dividend, as the water company raises money to step up investment in its network under a new chief executive. It’s not often you see a London-listed utilities company drop more than 15%, and the fall reflects the challenges facing the UK’s water industry. The […]

Europe fails to copy Wall Street rally, Shell upgrades guidance, Pennon slashes dividend and launches rights issue