Songbird to raise capital

Songbird, Canary Wharf Group's majority owner, has announced a surprise one-for-six open offer to repurchase last year's £135m life-saving shareholder loan. The offer price of 128p a share does represent a notable discount to the share price, but the net asset value (NAV) dilution should, according to analyst Keith Crawford of KBC Peel Hunt, prove small.

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