Decline in M&A caused trust's NAV value to halve over six months, but rights issue will strengthen balance sheet and market position
Private equity giant 3i Group will undertake a rights issue of more than £700m, following a dramatic fall in its share value and profits. The investment company saw its net asset value per share more than halve over the 12 months to 31 March, from £10.77 to £4.96. It recorded pre-tax losses of nearly £2bn in the same period, compared to a £834m profit during the previous 12 months. It also has net debts of £1.1bn as of the end of March this year. The rights issue seeks to raise £732m by issuing around 550 million ordinary shares at £1.35 each. "This rights issue builds on a number o...
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