Building materials and plumbing supplier Wolseley PLC is in talks to raise between GBP200 million and GBP400 million to shore up its finances, theSunday Telegraphreported.
materials and plumbing supplier
PLCis in talks to raise between GBP200 million and GBP400 million to
shore up its finances, theSunday Telegraphreported without
The paper said
Chief Executive Chip Hornsby has been in talks with investors and is also
negotiating with private-equity groups about raising capital through a private
placement, although it is not clear what proportion of cash would come from new
shares or a private placement.
A decision is
expected within the next three weeks, before the company's financial year-end,
the Sunday Telegraph added.
Wolseley has been
badly hit by thehousing
market downturn, reporting profit down 77% in the full year to
end-July, 2008, and a further 45% slump in first quarter profit reported
The company had
GBP2.47 billion of debt at July 31.
Its shares Friday
closed at 345 pence and have shed 48% of their value in the past 12 months.
Wolseley Set To Raise GBP200M To GBP400M
January 21, 2009