UK: Marston's shareholders approve rights issue

By | 6 July 2009

Marston's has succeeded in gaining approval from shareholders for a share rights issue, devised to raise GBP176m (US$285m).

Around GBP140m of the funding will be used to build new food-based pubs on the outskirts of towns, Marston's said. The rest will be used to help pay down company debt.

A majority of shareholders approved the proposal at an extraordinary general meeting held by Marston's today (6 July), the brewer said. The plan passed on a show of hands, it added.

Last week, reports citing unnamed sources said that some Marston's shareholders were against the move.

However, a source close to the firm told just-drinks that the "huge bulk" of its shareholder base had given their support.

 

Sectors: Beer & cider

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