Ocado cap raise and refi deliver 24% bounce
Ocado, the UK grocery delivery firm with the love-it-or-hate equity story, raised £36m on Monday through an oversubscribed placing of new shares with existing shareholders, as it announced a new lending deal that staves off fears of the company breaking its covenants. The stock is one of the most borrowed in the UK but it remains to be seen whether a 24% share price surge on Monday was driven by short-covering or just the news of the debt refinancing and a positive trading update.
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