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Red-faced Laird launches rights issue

The wireless connectivity specialist opened up about its shortcomings, talked up its prospects and asked investors to bail it out
March 1, 2017

One could almost hear the groans from Laird (LRD) shareholders. The wireless connectivity specialist confessed to a number of mistakes last year, asking investors to bail it out via a heavily discounted four-for-five rights issue.

IC TIP: Hold at 168.3p

Chief executive Tony Quinlan said 2016 was a "disappointing year, where challenging conditions in certain key end markets were compounded by discrete, but material, inefficiencies in our own operations". Laird is now paying for its over-optimism on the integration of troubled vehicle connectivity systems provider Novero, as well as failing to quickly adapt to a low oil price environment and the delayed ramp-up of new smartphones.

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