Sse Slumps After [Pounds]480m Cash Call On Shareholders ; Market Round-Up

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ELECTRICITY supplier Scottish and Southern Energy has got round the credit crunch by asking shareholders to dig deep into their pockets for almost [pounds]479 million.

Today its shares fell 94p to 1169p as brokers Credit Suisse and Merrill Lynch began a bookbuilding exercise in around 42 million shares at a discounted price of 1140p. The issue was oversubscribed. SSE wants the cash to make acquisitions it has identified without going cap in hand to banks.

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Sse Slumps After [Pounds]480m Cash Call On Shareholders ; Market Round-Up

It says the new shares being issued are the equivalent of up to 5% of those currently in issue. The extra cash will provide an additional source of funding aside from the [poun...

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