WH Smith readies share sale as Covid-19 bites

By Aidan Gregory
06 Apr 2020

Shares in UK newsagent chain WH Smith rose more than 4% on Monday morning after it confirmed it was preparing a capital increase to repair its balance sheet after the spread of the Covid-19 coronavirus led to a large drop in the number of shoppers at its lucrative airport stores.

In a statement, WH Smith said it is planning to complete a capital increase of up to 13.7% of the company. That would raise around £160m, based on current market capitalisation.

The capital increase will unlock £120m of new lending facilities intended to strengthen WH Smith’s balance sheet ...

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