Hotel and restaurant group Whitbread has denied reports in the press that it has plans to raise £100m through the issue of new shares. The group, which had net debt of £513m at the time of its March year end, said that while it was looking at ways of diversifying the sources and tenure of its debt, which could involve issuing new debt in the coming year, there were no current plans for issuing new shares.
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Whitbread’s shares have come off significantly in the market turmoil, dropping 15 per cent from their April high to 1,402p on a mix of uncertainty and post-results profit taking.